diff --git a/builtin-fetch.c b/builtin-fetch.c
index bfe7711..e81ee2d 100644
--- a/builtin-fetch.c
+++ b/builtin-fetch.c
@@ -286,7 +286,7 @@
 {
 	FILE *fp;
 	struct commit *commit;
-	int url_len, i, note_len, shown_url = 0;
+	int url_len, i, note_len, shown_url = 0, rc = 0;
 	char note[1024];
 	const char *what, *kind;
 	struct ref *rm;
@@ -353,7 +353,7 @@
 			note);
 
 		if (ref)
-			update_local_ref(ref, what, verbose, note);
+			rc |= update_local_ref(ref, what, verbose, note);
 		else
 			sprintf(note, "* %-*s %-*s -> FETCH_HEAD",
 				SUMMARY_WIDTH, *kind ? kind : "branch",
@@ -368,7 +368,7 @@
 		}
 	}
 	fclose(fp);
-	return 0;
+	return rc;
 }
 
 /*