Fitch Investor's Service Inc. said it has assigned Norwest Corp. an AA rating for shelf registrations for senior debt, an AA-minus rating on subordinated debt, and an A-plus on preferred stock.
The ratings agency said the recently assigned ratings reflect the Minneapolis-based superregional's profitability, asset quality, return on average assets, and strong levels of capital.
Fitch called Norwest's performance levels and earnings diversity "outstanding."
Fitch further noted that through the first nine months of 1993, the banking company earned $479 million, representing an annualized return on average assets of 1.38%.
That's one of the best performances in the industry over that time.