DEBT RATINGS BY STANDARD & POOR'S

Wachovia Corporation  

Rating Type Ranges WB Definition of S&P Ratings Outlook Positive, Stable, Negative Stable The rating outlook indicates the potential of a long-term credit rating change over the intermediate to longer term. In determining a rating outlook, consideration is given to any changes in the economic and/or fundamental business conditions. An outlook is not necessarily a precursor of a rating change or future Credit Watch action. Stable means that a rating is not likely to change. A negative rating means that a rating may be lowered. Short Term Obligations (CP) A – D A-1 An issuer’s A-1 rating indicates its strong capacity to meet its financial commitments. Senior Unsecured AAA – CCC A+ An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.  Long Term Subordinated AAA – CCC A See explanation for A above.

Wachovia Bank, N.A.

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