The notching on WAL's preferred stock is four levels below its VR, two times for loss severity and two times for non-performance. These are in accordance with Fitch's criteria and assessment of the instrument's non-performance and loss severity risk profile. OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES Long- and Short-Term Deposit Ratings The long-term deposit ratings and short-term deposit ratings of WAL's subsidiary bank are sensitive to changes in the company's Long-Term IDR. Subordinated Debt and Other Hybrid Securities Ratings on subordinated debt issued by WAL and WAB are sensitive to changes in the respective company's VR. WAL's preferred stock rating is also sensitive to changes in WAL's VR. SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS Holding Company: WAL has a bank holding company (BHC) structure with the bank as the main subsidiary.