Fitch upgrades PNC

Fitch Ratings said it upgraded and affirmed PNC Financial Services Group Inc.'s long-term issuer default rating to A+ from A and preferred stock rating to A from A-.

The outlook is stable.

Fitch said the upgrade is based on PNC's asset quality, well-balanced business mix, improving efficiency and strong liquidity.

The company has avoided many of the pitfalls in the U.S. credit markets, the agency said, with little exposure to subprime mortgage assets.

PNC retains some sensitivity to the business cycle and to deteriorating conditions in the residential mortgage market, according to Fitch.

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