DBRS Assigns Rating of “A” to Convertible Preferred Shares of Wachovia Corporation

DBRS has today assigned a rating of “A” to the 7.50% Non-Cumulative Perpetual Convertible Preferred Shares, Series L (Series L Preferred Stock) issued by Wachovia Corporation (Wachovia or the Company). The trend is Stable.

DBRS rates the Convertible Preferred Issue in line with its overall Preferred Shares rating of “A” for the Company. DBRS has an Issuer & Senior Debt rating of AA (low) for Wachovia. The trend on these ratings is Stable.

DBRS notes that, in general, its ratings are focused on providing a measure of the issuer's ability to meet its obligations in a timely manner. However, there are numerous non-credit risks that can affect the performance of security instruments, particularly securities that are longer term in nature. The Convertible Preferred Issue’s mandatory conversion feature at the issuer’s option, subject to certain conditions, constitutes a non-credit risk that is not captured by the rating of DBRS. Interested parties are referred to the full prospectus for the Convertible Preferred Issue for a full description of this security instrument.

More detail on the rating methodology of DBRS is available at www.dbrs.com, under Rating Policies (see Rating Definitions & Other Rating Info).