Moody's Investors Service on Friday upgraded the credit ratings of Wells Fargo & Co. and U.S. Bancorp, citing improving asset quality.

The rating agency lifted the ratings of both banks to A2 from A3 for senior debt and to A3 from Baa1 for subordinated debt. Their commercial paper ratings were raised to Prime-1 from Prime-2.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.