February 7, 2018 / 5:29 PM / 4 months ago

S&P cuts Wells Fargo's credit ratings on regulatory risks

Feb 7 (Reuters) - Credit-rating agency Standard & Poor’s on Wednesday cut Wells Fargo & Co’s credit ratings, citing further regulatory and governance risks.

The agency downgraded Wells Fargo's long-term issuer credit rating to "A-" from "A" and short-term issuer credit rating to "A-2" from "A-1". (bit.ly/2GXzmlV)

Regulatory risk for Wells is more severe than previously expected and the process for improving its governance and operational risk policies may take longer than previously expected, S&P said in a statement. (Reporting by Pallavi Dewan in Bengaluru; Editing by Anil D’Silva)

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