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March 21, 2005
Wachovia Corporation Receives AA- Upgrade From FitchRatings
CHARLOTTE, N.C. - FitchRatings today upgraded Wachovia’s corporate debt rating to AA-.
"We’re pleased with the FitchRatings action, which underscores our momentum," said Ken Thompson, Wachovia’s chairman and chief executive officer. "This is another example of the success of our diversified business model, nationwide distribution power and continued focus on execution."
In making the announcement, FitchRatings cited Wachovia’s diverse franchise, with market-leading deposit share, and the performance and growth in its four core businesses, the General Bank, Capital Management, Wealth Management and the Corporate and Investment Bank. The FitchRatings news release went on to say that Wachovia’s disciplined approach to risk management "has allowed the firm to achieve noticeable growth, while closely managing asset quality, liquidity, integration processes and risk-adjusted profitability."
"Today’s FitchRatings announcement caps several years of decisive efforts to ensure Wachovia is on a strong growth path," said Bob Kelly, Wachovia’s chief financial officer. "We believe this is a strong endorsement of the safety and soundness of our company."
In addition to the new corporate debt rating, FitchRatings also upgraded the debt issuances of Wachovia’s key subsidiaries. Its outlook for Wachovia Corporation is "Stable."
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $493.3 billion, market capitalization of $83.5 billion and stockholders’ equity of $47.3 billion at December 31, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve customers primarily in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states and five Latin American countries. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
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