S&P boosts PNC

Standard & Poor's said it raised its counterparty rating ratings on PNC Financial Services Group to A+ from A and raised its ratings on PNC's subsidiaries.

The outlook is stable.

The agency said that the ratings action reflects the advantages of PNC's credit and market risk profile, which have been highlighted by strong recent results.

On a consolidated basis, though charge-offs are comparable with peers, nonperformers and reserve coverage of the same exceed peers and illustrate PNC's credit risk discipline, S&P added.

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