Moody's drops PNC

Moody's Investors Service said it downgraded the senior debt rating of PNC Financial Services Group, Inc. to A3 from A1, the subordinated debt rating to Baa1 from A2, and the preferred stock rating to Baa2 from A3.

The holding company's short-term rating was downgraded to Prime-2 from Prime-1, the agency said.

The long-term ratings of PNC Bank, NA and National City Bank, the lead bank subsidiaries, were also downgraded, the agency added.

Moody's said that both banks' financial strength ratings were lowered to C+ from B, their long-term deposit and senior debt ratings were lowered to A1 from Aa3, and their subordinated debt ratings were lowered to A2 from A1. However, the banks' Prime-1 short-term ratings were affirmed.

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