S&P: PNC Financial unaffected

Standard & Poor's said that PNC Financial Services Group's relatively good first-quarter earnings will not affect the ratings.

The company posted adjusted pretax earnings of $1.14 billion, an improvement from the sequential quarter's earnings of $961 million, S&P said.

PNC's loan portfolio shrunk modestly in the quarter as weakness in other categories offset commercial loan growth, the agency said.

S&P said it expects assets to continue to decline overall due to soft consumer loan demand and the run-off of PNC's distressed asset portfolio.

The agency said it expects PNC to be challenged in the balance of 2011 to mitigate the earnings impact of the loss of fee revenue from regulatory changes and lackluster loan demand.

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