BANKING & FINANCE - Feb. 27, 1992
From Times Staff and Wire Reports
Wells Fargo & Co. Debt Downgraded: Moody’s Investor Services Inc. has downgraded nearly all the debt of the San Francisco-based banking company, voicing concerns about the bank’s commercial real estate loan portfolio. The action came only weeks after Wells Fargo added $700 million to its reserve to protect against bad loans. Moody’s reduced its rating of Wells Fargo’s long-term senior debt to Baa1, a mediocre rating, from single-A2, an investment grade rating. The agency also downgraded the bank’s commercial paper, or short-term debt, to prime-2, the middle of three grades.
