BANKING & FINANCE - July 3, 1991

Wells Fargo Ratings Lowered: Wells Fargo & Co. said Fitch, a rating service, lowered the bank’s $450-million senior debt to A+ from AA and dropped its $1.7-billion subordinated debt to A from AA-, while it reaffirmed its F-1+ commercial paper rating. Long-term certificates of deposit and letters of credit were lowered to A+ from AA, while the short-term rating on these instruments was affirmed at F-1+. The lower ratings reflect Fitch’s concern about the increased likelihood of a more rapid rise in nonperforming assets.