Fitch gives PNC preferreds A

Fitch Ratings said it assigned an A rating to fixed-to-floating noncumulative perpetual preferred stock issued by PNC Financial Services Group Inc.

These securities, which are issued in the amount of $500 million, are not redeemable until May 21, 2013, the agency said, noting that the securities will pay a fixed dividend at an annual rate of 8.25% until May, 2013 and will pay a floating rate of three-month Libor plus 4.22% thereafter.

Proceeds will be used for general corporate purposes, the agency said.

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