CHARLOTTE, N.C., Feb. 4 /PRNewswire-FirstCall/ -- On Feb. 1, 2008,
Moody's Investors Service announced that it has placed BluePoint Re, a
Wachovia Corporation subsidiary, on review for possible downgrade.
Wachovia's 2007 financial results include valuation losses on BluePoint
Re assets that resulted in a write-down of substantially all of Wachovia's
$300 million investment in BluePoint Re. Consequently, Wachovia believes
BluePoint Re should have no further negative impact on Wachovia's financial
results.
As background, BluePoint Re is a financial guaranty re-insurer licensed
in Bermuda. It is a distinct company with stand-alone operations and
governance. BluePoint Re is separately capitalized and separately rated by
the rating agencies. Financial guaranty re-insurers like BluePoint Re have
been affected by the current dislocation in the credit markets, and Moody's
review is a result of the market disruption.
About Wachovia
Wachovia Corporation (NYSE: WB) is one of the nation's largest
diversified financial services companies, with assets of $782.9 billion and
market capitalization of $75.3 billion at December 31, 2007. Wachovia
provides a broad range of retail banking and brokerage, asset and wealth
management, and corporate and investment banking products and services to
customers through 3,400 retail financial centers in 21 states from
Connecticut to Florida and west to Texas and California, and nationwide
retail brokerage, mortgage lending and auto finance businesses. Globally,
clients are served in selected corporate and institutional sectors and
through more than 40 international offices. Our retail brokerage operations
under the Wachovia Securities brand name manage more than $1.2 trillion in
client assets through 17,900 registered representatives in 1,500 offices
nationwide. Online banking is available at wachovia.com; online brokerage
products and services at wachoviasec.com; and investment products and
services at evergreeninvestments.com.
SOURCE Wachovia Corporation
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Related links:
http://www.wachovia.com
CONTACT:
Media: Christy Phillips-Brown,
+1-704-383-8178, or Mary Eshet, +1-704-383-7777; Investors: Alice
Lehman, +1-704-374-4139, or Ellen Taylor, +1-212-214-1904, all of
Wachovia Corporation
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