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Moody's rates PNC preferreds Baa3
Moody's Investors Service said it assigned a rating of Baa3 hybrid to non-cumulative perpetual preferred stock issued by PNC Financial Services Group, Inc.
The outlook is stable.
Moody's said the Baa3 hybrid rating reflects its normal notching practices, under which non-cumulative preferred stock is typically rated three notches below an issuer's senior debt rating. PNC is rated A3 for senior debt.
The outlook matches Moody's outlooks on all of PNC's rated obligations.
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