BANKING

Fitch Downgrades Wells Fargo: The New York rating agency lowered the San Francisco banking firm’s senior debt, reflecting concerns over the deteriorating commercial real estate market in California. Fitch said a federal regulatory exam of Wells under way is expected to identify more commercial real estate woes, putting pressure on Wells to set aside more money for possible loan losses. Fitch did say, however, that Wells can bolster its balance sheet more easily than other banks because of strong earnings in its retail bank operation. A Wells spokeswoman said that even with the lowered rating from Fitch, the bank maintains a high investment-grade rating.