DEBT RATINGS BY FITCH

Wachovia Corporation  

Rating Type Ranges WB Definition of Fitch Ratings Outlook Positive, Stable, Negative Negative The rating outlook indicates the direction a rating is likely to move over a one- to two-year period. A positive or negative rating outlook does not imply a rating change is inevitable. Similarly, ratings for which outlooks are “stable” could be upgraded or downgraded before an outlook moves to positive or negative if circumstances warrant such an action. Short Term Obligations (CP) F1 – D F1+ F-1 is the highest rating for commercial paper.  Senior Unsecured AAA – CCC A+ An A rating signifies a very strong bank. Characteristics may include outstanding profitability and balance sheet integrity, franchise, management , operating environment, or prospects.  Long Term Subordinated AAA – CCC A An A rating signifies a very strong bank. Characteristics may include outstanding profitability and balance sheet integrity, franchise, management , operating environment, or prospects.

Wachovia Bank, N.A.

Rating Type Ranges WB Definition of Fitch Ratings Short Term Deposits       Long Term Deposits F1+ – D AAA – CCC F1+ AA- F1+ is the highest rating for commercial paper. An A rating signifies a very strong bank. Characteristics may include outstanding profitability and balance sheet integrity, franchise, management , operating environment, or prospects. Senior Unsecured AAA – CCC A+ See explanation for A above.  Long Term Subordinated AAA – CCC A See explanation for A above.

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