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.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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