In a potentially damaging blow to its credit standing, Fitch Ratings has downgraded Wells Fargo’s outlook, as a result of the “potential reputational damage” from the recent fraudulent action by its employees.
Although Fitch affirmed Wells’ current AA- rating, it warned of the potential for a downgrade, which would be the first time since 1996 that the bank had fallen below the coveted AA status.
Read on for more details from Fitch’s report.