Moody's downgrades National City

Moody's Investors Service said it downgraded National City Corp.'s senior ratings to A3 from A2. The ratings remain on review for downgrade.

The downgrade reflects National City's sizable second-lien home equity exposure that could result in significant losses that will further weaken National City's capital position, according to the agency.

Ratings are supported by the company's broad retail, commercial and asset management businesses located in the Midwest, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.