Just days after the Fed slammed Wells Fargo  on Janet Yellen's last day, by announcing an unprecedented enforcement action in which it prohibited the bank from "growing", effectively making it into a quasi-utility until it fixes its lacking internal control system and replaces much of its board, moments ago S&P added insult to injury by downgrading the largest US mortgage lender from A to A-, due to "Prolonged Regulatory And Governance Issues" with a Stable Outlook.

The full S&P report is below:

Wells Fargo & Co. Downgraded To 'A-/A-2' From 'A/A-1' On Prolonged Regulatory And Governance Issues; Outlook Is Stable

On Feb. 2, Wells Fargo & Co. ("Wells") became subject to a consent order from the Federal Reserve that caps the company's asset growth until it further enhances its governance and compliance and risk management to the standards required by the regulator.