S&P says PNC unaffected

Standard & Poor's said the ratings on PNC Financial Services Group are not immediately affected by the company's relatively good third-quarter earnings, given the challenging operating conditions.

PNC's adjusted pretax earnings of $1.1 billion were flat compared with the previous quarter's earnings. PNC's deposit base grew 3.2% from the second quarter because growth in transaction and time deposits in its foreign offices outpaced the continued runoff of certificates of deposit.

PNC's loan portfolio grew modestly in the third quarter, supported by ongoing growth in commercial loans and the company's first quarter of consumer loan growth since 2010. PNC will likely be challenged to grow loans significantly until the general economic outlook improves, S&P said in a news release.

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