The three major ratings agencies on Monday affirmed Wachovia Corp.'s ratings, saying the bank's diversity and plan to raise more money can protect the company from the turmoil plaguing financial markets.
Wachovia, a Charlotte, N.C.-based bank with 3,300 branches, reported a $393 million loss for the first quarter Monday morning. Stung by an ill-timed deal to buy the lender Golden West, Wachovia was forced to set aside $2.8 billion preparing to cover bad loans in its $466 billion portfolio.
Moody's Investors Service, Fitch Ratings, and Standard & Poor's affirmed their ratings on Wachovia, all of which are "high quality" ratings.
