S&P also raised the long-term credit ratings of Wells Fargo & Co's (NYSE: WFC) senior debt to AA, making it the highest S&P credit-rated bank holding company in the United States.

"The announcement by Standard & Poor's -- in addition to being the only U.S. bank with a "Aaa" credit-rating from Moody's Investors Service -- is further proof of the long-term value of our time-tested vision," said Chairman and CEO Dick Kovacevich.

S&P cited Wells Fargo for the consistency of its core profitability, leading market positions in several businesses, strong capital measures, conservative risk management, its stable net interest margin, and a balanced business model that has generated consistently strong operating results.

"Our first financial objective is to maintain a conservative financial position measured by asset quality, accounting policies, capital levels, diversity of revenue sources and dispersing risk by geography, loan size and industry," said Howard Atkins, Wells Fargo & Co.'s chief financial officer. "We want our banks to have such strong balance sheets that our customers would put their money in them even if there was no FDIC insurance."

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