DBRS confirms PNC Financial

DBRS said it confirmed the ratings for PNC Financial Services Group, Inc. and its subsidiaries, including its A (high) issuer and senior debt rating and its R-1 (low) short-term instruments rating.

The trend is stable.

The action follows a detailed review of the company's operating results, financial fundamentals and future prospects, the agency said.

The ratings reflect a view that despite pressures from a challenging operating environment, PNC's financial performance has been solid with recurrent revenues, generally tight expense control and good core profitability, DBRS said.

The ratings also are underpinned by a strong franchise with robust market shares and a diversified revenue stream from a corporate-driven business that is complemented by a growing retail franchise, a sizable mortgage bank and a well-developed asset management business, DBRS said.

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