Wells Fargo's troubles with its fake-account scandal have earned the bank a credit downgrade from a ratings agency.
DBRS announced Wednesday that it is taking down the Wells rating from AA to AA (low). That's essentially a step and a half below top-rated, but still well within the range of investment-grade.
The move is in reaction to the growing costs the third-largest U.S. bank by assets faces regarding the scandal, in which customers were enrolled in programs without their consent or knowledge.
"The one-notch rating downgrade reflects operational and management missteps at the Company and resultant reputational damage stemming from ongoing issues surrounding the Company's sales practices, as well as practices impacting other consumer-related areas," DBRS said in a statement.
Wells Fargo has admitted that as many as 3.5 million accounts were involved. Employees under pressure to meet aggressive sales goals enrolled customers in multiple products. Though the practice had been ongoing for years, it only came to public light a year ago when Wells agreed to pay a $185 million settlement with various authorities.