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PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Announcement:

Moody's Disclosures on Credit Rating of PNC Financial Services Group, Inc.

24 May 2012

New York, May 24, 2012 -- The following release represents Moody's Investors Service's summary credit opinion on PNC Financial Services Group, Inc. and includes certain regulatory disclosures regarding its ratings. This release does not constitute any change in Moody's ratings or rating rationale for PNC Financial Services Group, Inc. and its affiliates.

Moody's current ratings on PNC Financial Services Group, Inc. and its affiliates are:

Long Term Issuer rating of A3

Preferred Stock Non-cumulative (domestic currency) ratings of Baa3 (hyb)

Junior Subordinate Shelf (domestic currency) ratings of (P)Baa2

Preferred Shelf (domestic currency) ratings of (P)Baa2

Preferred shelf -- PS2 (domestic currency) ratings of (P)Baa3

National City Corporation

Senior Unsecured (domestic currency) ratings of A3

Subordinate (domestic currency) ratings of Baa1

Preferred Stock Non-cumulative (domestic currency) ratings of Baa3 (hyb)

National City Bank

Senior Unsecured (domestic currency) ratings of A2

Subordinate (domestic currency) ratings of A3

PNC Bank, N.A.

Long Term Issuer rating of A2

Senior Unsecured (domestic currency) ratings of A2

Senior Unsecured Bank Note Program (domestic currency) ratings of (P)A2

Senior Unsecured MTN Program (domestic currency) ratings of (P)A2

Long Term Bank Deposits (domestic currency) ratings of A2

Long Term Other Senior Obligations ratings of A2

Bank Financial Strength ratings of C+

Subordinate Bank Note Program (domestic currency) ratings of (P)A3

Subordinate (domestic currency) ratings of A3

Short Term Bank Note Program (domestic currency) ratings of P-1/(P)P-1

Short Term Bank Deposits (domestic currency) ratings of P-1

Other Short Term (domestic currency) ratings of (P)P-1

Short Term Other Senior Obligations ratings of P-1

PNC Funding Corporation

Senior Unsecured (domestic currency) ratings of A3

Subordinate (domestic currency) ratings of Baa1

BACKED Senior Unsecured (domestic currency) ratings of Aaa/A3

BACKED Senior Unsecured MTN Program (domestic currency) ratings of (P)A3

BACKED Subordinate (domestic currency) ratings of Baa1

BACKED Subordinate MTN Program (domestic currency) ratings of (P)Baa1

BACKED Senior Unsecured Shelf (domestic currency) ratings of (P)A3

BACKED Subordinate Shelf (domestic currency) ratings of (P)Baa1

BACKED Commercial Paper (domestic currency) ratings of P-2

PNC Capital Trust C

BACKED Preferred Stock (domestic currency) ratings of Baa2 (hyb)

PNC Capital Trust E

BACKED Preferred Stock (domestic currency) ratings of Baa2 (hyb)

BACKED Preferred Shelf (domestic currency) ratings of (P)Baa2

PNC Capital Trust F

BACKED Preferred Shelf (domestic currency) ratings of (P)Baa2

PNC Capital Trust G

BACKED Preferred Shelf (domestic currency) ratings of (P)Baa2

PNC Capital Trust H

BACKED Preferred Shelf (domestic currency) ratings of (P)Baa2

PNC Preferred Funding Trust I

BACKED Preferred Stock Non-cumulative (domestic currency) ratings of Baa2 (hyb)

PNC Preferred Funding Trust II

Preferred Stock Non-cumulative (domestic currency) ratings of Baa3 (hyb)

PNC Preferred Funding Trust III

Preferred Stock Non-cumulative (domestic currency) ratings of Baa3 (hyb)

RATING RATIONALE

PNC is rated A3 for long-term senior debt and its funding subsidiary, PNC Funding Corporation, is rated Prime-2 for short-term obligations. PNC's operating bank subsidiary, PNC Bank, N.A., is rated C+ for stand-alone bank financial strength, mapping to an a2 rating on the long-term scale. The bank is also rated A2 for long-term deposits and Prime-1 for short-term obligations.

PNC's ratings reflect its sizable and consistently profitable direct banking franchise. That franchise, centered on the Mid-Atlantic, the Midwest and the Southeast, largely generates its earnings from direct retail and commercial banking, business lines that are comparatively predictable. PNC's net interest margin is strong and continues to benefit from purchase accounting accretion, from both the late-2008 National City acquisition as well as the recent RBC Bank (USA) acquisition. In addition, PNC's fee income is also healthy. This solid revenue base, combined with PNC's roughly 60% efficiency ratio (excluding unusual non-core items), results in a good level of core recurring pre-provision profitability.

PNC's capital and liquidity profiles are similarly robust and provide a cushion against challenges arising from the current sluggish economic environment. Although PNC acquired RBC Bank (USA) without issuing common shares, management expects to grow its Basel III Tier 1 common ratio to 8.0 - 8.5% by the end of 2013. Currently, however, PNC's capital position is below the level enjoyed by a number of its regional bank peers, which is reflected in its comparatively modest share buyback intentions for 2012.

- Comparatively steady profitability indicators that look to be sustainable

- Strong liquidity profile supported by a sizable core funding base

- Good acquisition integration track record

- Sizable real estate exposure, particularly residential real estate

- More modest capital position relative to many peers

Rating Outlook

PNC's rating outlook is positive.

What Could Change the Rating - Up

In order for PNC's ratings to be upgraded, its core earnings will need to remain healthy and predictable, even as purchase discount accretion from its acquisitions trends lower. Strong credit performance would also support positive rating pressure as would steady progress towards PNC's goal of achieving a robust Basel III Tier 1 common ratio.

What Could Change the Rating - Down

Given our positive rating outlook, downward rating pressure is unlikely absent material asset quality deterioration or a sustained downturn in profitability. PNC's ratings will also be influenced by its future acquisition strategy, and the risks that will impose on bondholders.

The methodologies used in these ratings were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: Global Methodology published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Allen H. Tischler
Senior Vice President
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Robert Franklyn Young
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Disclosures on Credit Rating of PNC Financial Services Group, Inc.
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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