S&P Global Ratings upgraded Wells Fargo & Company's long-term issuer credit rating to A- from BBB+ and assigned a stable outlook. The action reflects the bank's progress in overhauling its governance and risk management frameworks after years of regulatory scrutiny.
The upgrade marks a milestone in Wells Fargo's efforts to strengthen its risk culture and operational oversight. S&P said the 2025 termination of the Federal Reserve's long-standing asset cap also supported the action, allowing the bank to pursue growth in areas such as commercial lending and credit cards.