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S&P cuts Wells Fargo's credit ratings on regulatory risks

Wells Fargo & Company CEO and President Tim Sloan testifies before the Senate Banking Committee on Capitol Hill in Washington, October 3, 2017.

Aaron P. Bernstein | Reuters

Wells Fargo & Company CEO and President Tim Sloan testifies before the Senate Banking Committee on Capitol Hill in Washington, October 3, 2017.

Credit-rating agency Standard & Poor’s on Wednesday cut Wells Fargo’s credit ratings, citing further regulatory and governance risks.

The agency downgraded Wells Fargo’s long-term issuer credit rating to “A-” from “A” and short term issuer credit rating to “A-2” from “A-1”.

Regulatory risk for Wells is more severe than previously expected and the process for improving its governance and operational risk policies may take longer than previously expected, S&P said in a statement.

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