Wells Fargo Corporate Trust's expanded CDO operation was approved last week by the ratings agencies, allowing the firm to act beyond a trustee, but also as a collateral agent and/or portfolio administrator.

Before the ratings agencies will rate a collateralized debt obligation, they need to approve the trustee, assuring that the systems, people, processes and procedures are all in place. By the end of last week both Standard & Poor's Ratings Services and Moody's Investors Service had given Wells Fargo the okay.

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