S&P: PNC unchanged

Standard & Poor's said its ratings on PNC Financial Services Group (A+/stable) will not be affected by the announcement that PNC will record several charges in the fourth quarter related to asset and performance deterioration in several areas.

S&P said that PNC will record charges during the fourth quarter related to commercial mortgage and trading account asset valuations, an increase in provisioning related to residential real estate development, an increase in the company's BlackRock/long-term incentive plan shares obligation resulting from an increase in the value of BlackRock's common stock price and a provision related to the Yardville acquisition.

While the aggregate of these charges will be material to the fourth quarter's bottom line, PNC's core operations remain sound while the company has largely avoided the asset and investment types generating the outsized charges recorded by many in the industry, the agency added.

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