The Wall Street Journal: Wells Fargo puts off bond sale after downgrade

Wells Fargo & Co. WFC, +1.01% on Tuesday delayed selling a 10-year bond after S&P Global Ratings revised the outlook on its credit rating to negative from stable, a person familiar with the matter said.

It is unusual for investment-grade companies to delay bond sales but unexpected events can occasionally cause them to happen. The bond is now expected to price Wednesday, the person said.

In its report Tuesday, S&P affirmed Wells Fargo’s single A rating but downgraded its outlook, noting the hit to the bank’s reputation from the recent disclosure that employees had created as many as two million accounts without customers’ knowledge.

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