DEBT RATINGS BY MOODY'S

Wachovia Corporation  

Rating Type Ranges WB Definition of Moody's Ratings Outlook Positive, Stable, Negative Negative The rating outlook is Moody’s opinion of the likely direction of a rating over the medium term. Short Term Obligations (CP) P-1 – NP P-1 Issuers rated Prime-1 have a superior capacity for repayment of short-term promissory obligations. Senior Unsecured Aaa – C Aa3 Bonds that are rated Aa are judged to be of high quality and are subject to very low credit risk. Long Term Subordinated Aaa – C A1 A-rated bonds have many favorable attributes, are considered upper-medium grade, and are subject to low credit risk.

Wachovia Bank, N.A.

Rating Type Ranges WB Definition of Moody's Ratings Short Term Deposits       Long Term Deposits P-1 – NP Aaa – C P-1 Aa1 Issuers rated Prime-1 have a superior capacity for repayment of short-term promissory obligations. Long term deposits that are rated Aa are judged to be of high quality and are subject to very low credit risk. Senior Unsecured Aaa – C Aa1 Bonds that are rated Aa are judged to be of high quality and are subject to very low credit risk. Long Term Subordinated Aaa – C Aa2 A-rated bonds have many favorable attributes, are considered upper-medium grade, and are subject to low credit risk.

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