Holmes Honda has been sold to Gurley-Leep Automotive Family of Indiana. At the close of the transaction, Holmes Honda will become Smart Honda; all of the employees will retain their jobs under the new ownership. Holmes Automotive Group will continue to own and operate Holmes Hyundai and Holmes Collision Center in Clive and Holmes Chevrolet in Norwalk. “Holmes Automotive Group’s commitment to our customers, employees and our community is unwavering,” said Max Holmes, who founded Holmes Automotive Group in 1973, in a release. “Gurley-Leep’s dedication to service to customers and being a part of the community will make an easy transition for our customers.” Mike Leep Sr., president of Gurley-Leep Automotive Family, operates 21 dealerships representing 42 different franchises in Indiana, Michigan, Florida and Iowa.

Andrea James has been named president of Love Scott and Associates, a West Des Moines-based marketing communications and public relations firm. James is the daughter of Bill Love, former president and co-founder of the company. Love will remain at the agency, focusing on strategic plans for the agency’s future. James has led Love Scott’s public relations department since 2006.

Fitch Ratings downgraded Wells Fargo & Co.’s long-term issuer default ratings to AA- from AA, following the release of Wells Fargo’s earnings yesterday. Fitch said the rating was prompted by negative trends in asset quality as a result of ongoing economic turmoil. Wells Fargo’s acquisition of Wachovia Corp. has significantly increased its risk profile, with nearly half of the company’s loan portfolio now exposed to U.S. consumers who are suffering from falling home prices and unemployment, the rating service said. However, Fitch removed Wells Fargo from a negative watch rating, citing its ability to deliver above-average earnings from its diversified banking activities. Though the rating service expects a substantial deterioration in commercial real estate in the upcoming months, it believes Wells Fargo’s significant write-downs and strategies will minimize the risk. It added that Wells Fargo seems well positioned compared with its peers.

HNI Corp. reported a net loss of $1.4 million, or 3 cents per share, in its second quarter, which ended July 4, compared with net income of $13.5 million in the quarter ended June 28, 2008. Sales were down 37.5 percent to $383 million from the year-ago period. Results were affected by $5.2 million in restructuring and impairment costs, which included expenses related to the shutdown of two office furniture manufacturing plants and restructuring of the company’s hearth operations. Total selling and administrative expenses, including restructuring charges, decreased $56.1 million, or 30.4 percent, due to cost-control initiatives, lower volume-related costs, reduced incentive-based compensation expense and a gain on the sale of its corporate aircraft.

Orchard Place has moved its administrative offices to the second floor of the American Red Cross building at 2116 Grand Ave. in Des Moines. The move was prompted by a need for more space for clinicians at Orchard Place’s Child Guidance Center location at 808 Fifth Ave. as the number of children served by the center has more than doubled in the past five years. It served 5,535 children last year and completed 37,520 outpatient and psychiatric visits.