Fitch Rates Wachovia Corporation's Preferred Stock Issuance 'A+'

Business Wire, Feb 6, 2008

NEW YORK -- Fitch Ratings has assigned an 'A ' rating to the $3.5 billion issuance of preferred stock by Wachovia Corporation (WB). The perpetual preferred stock will pay a dividend of 7.98% for 10 years and thereafter change to a floating interest rate. WB may redeem the preferred stock after 10 years.

Based upon Fitch's hybrid rating criteria, the preferred stock has a high equity component. As such, Fitch expects to assign Class E equity treatment (100% equity content) to these securities.

Fitch assigns the following rating:

Wachovia Corporation

--Preferred stock 'A '.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.