info

Yes No
Moodys.com
Terms of Use
REGULATORY AFFAIRS
CAREERS
.
ABOUT US
.
CONTACT US
HOME
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

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
Rating Action:

Moody's affirms PNC (senior at A1); upgrades National City

23 Dec 2008
Moody's affirms PNC (senior at A1); upgrades National City

New York, December 23, 2008 -- Moody's Investors Service affirmed the ratings of PNC Financial Services Group, Inc. (PNC) and its subsidiaries. PNC is rated A1 for senior debt and the lead bank, PNC Bank, N.A., is rated B for bank financial strength and Aa3 for long-term deposits. The outlook on PNC and its subsidiaries is negative.

In a related action, Moody's upgraded the ratings of National City Corporation and its subsidiaries. National City was upgraded to A1 from A3 for senior debt and its lead bank, National City Bank, was upgraded to Aa3 from A2 for long-term deposits and to B from C+ for bank financial strength. The short-term rating of National City Credit Corporation was raised to Prime-1 from Prime-2. The outlook for NCC and its subsidiaries is also negative.

Today's rating actions follow the announcements by PNC and National City, respectively, that their shareholders have approved the acquisition of 100% of National City by PNC. The acquisition has already received all regulatory approvals. As a result, Moody's expects that the transaction will close no later than December 31, 2008. When the transaction is completed, the holding companies will merge. However, as is typical in large bank acquisitions, the lead banks will continue to operate as separate legal entities for some time, though it is PNC's intent to merge them in the future.

"The affirmation of PNC's ratings results from our view that the combination of these two entities will create the fifth largest U.S. domestic depository, which has the potential to ultimately strengthen PNC's franchise value," said Moody's Vice President and Senior Credit Officer, Allen Tischler. "At the same time, the negative outlook reflects the meaningful integration challenges and incremental credit risk associated with National City."

To address the integration challenges, PNC plans to convert the National City franchise in multiple phases over the next two years, thereby lessening the potential for significant missteps. Moody's further notes the challenges that stem from National City's geographic concentration in regions with comparatively weak economies, including Michigan and Ohio. However, PNC has demonstrated its ability to operate successfully in slow growth markets over a number of years and Moody's anticipates that PNC will enhance the profitability of the National City franchise over time.

In fact, Moody's expects PNC to generate positive net income throughout 2009. If National City's most challenged markets suffer a prolonged and deeper downturn than is currently anticipated, such that PNC begins to report net losses that would weaken PNC's credit profile and result in negative rating pressure.

With regard to National City's significant exposure to troubled residential and commercial real estate assets, much of which was sourced from outside its core footprint, PNC will significantly mark those assets down in accounting for the acquisition. In Moody's assessment, PNC's marks are reasonable, which should reduce the need for future provisioning. However, here too, a substantially weaker U.S. economy could further impair these portfolios, a risk that is also incorporated in our negative rating outlook.

PNC's pro forma capital position will be strengthened by issuing $7.7 billion in preferred shares and common stock warrants to the U.S. Treasury under its Capital Purchase Program. While this will result in solid regulatory capital ratios, PNC's tangible common equity ratio will be comparatively low, though Moody's expects earnings retention will enhance it over time. In addition, PNC's common dividend payout is significant and could be reduced to protect or enhance its capital adequacy.

Moody's last rating action on PNC was on October 24, 2008 when the rating outlook of PNC and its subsidiaries was changed to negative from stable. Moody's last rating action on National City was also on October 24, 2008 when it was placed under review for possible upgrade.

The principal methodologies used in rating this issuer were "Bank Financial Strength Ratings: Global Methodology" (February 2007) and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology" (March 2007), which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.

Upgrades:

..Issuer: Merchants National Corp

....Senior Unsecured Medium-Term Note Program, Upgraded to A1 from A3

..Issuer: National City Bank

....Bank Financial Strength Rating, Upgraded to B from C+

....Issuer Rating, Upgraded to Aa3 from A2

....OSO Senior Unsecured OSO Rating, Upgraded to Aa3 from A2

....Multiple Seniority Bank Note Program, Upgraded to a range of A1 to Aa3 from a range of A3 to A2

....Subordinate Regular Bond/Debenture, Upgraded to A1 from A3

....Senior Unsecured Deposit Program, Upgraded to Aa3 from A2

....Senior Unsecured Regular Bond/Debenture, Upgraded to Aa3 from A2

....Senior Unsecured Deposit Rating, Upgraded to Aa3 from A2

..Issuer: National City Bank of Kentucky

....Subordinate Regular Bond/Debenture, Upgraded to A1 from A3

..Issuer: National City Bank of Pennsylvania

....Subordinate Regular Bond/Debenture, Upgraded to A1 from A3

..Issuer: National City Bank, Indiana

....Subordinate Regular Bond/Debenture, Upgraded to A1 from A3

....Senior Unsecured Regular Bond/Debenture, Upgraded to Aa3 from A2

..Issuer: National City Capital Trust I

....Preferred Stock Preferred Stock, Upgraded to A2 from Baa1

..Issuer: National City Capital Trust II

....Preferred Stock Preferred Stock, Upgraded to A2 from Baa1

....Preferred Stock Shelf, Upgraded to (P)A3 from (P)Baa2

..Issuer: National City Capital Trust III

....Preferred Stock Preferred Stock, Upgraded to A2 from Baa1

....Preferred Stock Shelf, Upgraded to (P)A3 from (P)Baa2

..Issuer: National City Capital Trust IV

....Preferred Stock Preferred Stock, Upgraded to A2 from Baa1

....Preferred Stock Shelf, Upgraded to (P)A3 from (P)Baa2

..Issuer: National City Corporation

....Junior Subordinated Shelf, Upgraded to (P)A2 from (P)Baa1

....Multiple Seniority Shelf, Upgraded to a range of (P)A3 to (P)A1 from a range of (P)Baa2 to (P)A3

....Preferred Stock Preferred Stock, Upgraded to A3 from Baa2

....Subordinate Regular Bond/Debenture, Upgraded to A2 from Baa1

....Senior Unsecured Conv./Exch. Bond/Debenture, Upgraded to A1 from A3

....Senior Unsecured Regular Bond/Debenture, Upgraded to A1 from A3

..Issuer: National City Credit Corporation

....Commercial Paper, Upgraded to P-1 from P-2

..Issuer: National City Preferred Capital Trust I

....Preferred Stock Preferred Stock, Upgraded to A3 from Baa2

....Preferred Stock Shelf, Upgraded to (P)A3 from (P)Baa2

..Issuer: National City Preferred Capital Trust II

....Preferred Stock Shelf, Upgraded to (P)A3 from (P)Baa2

..Issuer: National City Preferred Capital Trust III

....Preferred Stock Shelf, Upgraded to (P)A3 from (P)Baa2

..Issuer: PFGI Capital Corporation

....Preferred Stock Preferred Stock, Upgraded to A3 from Baa2

..Issuer: Provident Bank

....Subordinate Regular Bond/Debenture, Upgraded to A1 from A3

..Issuer: Provident Capital Trust I

....Preferred Stock Preferred Stock, Upgraded to A2 from Baa1

..Issuer: Provident Capital Trust III

....Preferred Stock Shelf, Upgraded to (P)A2 from (P)Baa1

Outlook Actions:

..Issuer: Merchants National Corp

....Outlook, Changed To Negative From Rating Under Review

..Issuer: National City Bank

....Outlook, Changed To Negative From Rating Under Review

..Issuer: National City Bank of Kentucky

....Outlook, Changed To Negative From Rating Under Review

..Issuer: National City Bank of Pennsylvania

....Outlook, Changed To Negative From Rating Under Review

..Issuer: National City Bank, Indiana

....Outlook, Changed To Negative From Rating Under Review

..Issuer: National City Capital Trust I

....Outlook, Changed To Negative From Rating Under Review

..Issuer: National City Capital Trust II

....Outlook, Changed To Negative From Rating Under Review

..Issuer: National City Capital Trust III

....Outlook, Changed To Negative From Rating Under Review

..Issuer: National City Capital Trust IV

....Outlook, Changed To Negative From Rating Under Review

..Issuer: National City Corporation

....Outlook, Changed To Negative From Rating Under Review

..Issuer: National City Credit Corporation

....Outlook, Changed To Negative From Rating Under Review

..Issuer: National City Preferred Capital Trust I

....Outlook, Changed To Negative From Rating Under Review

..Issuer: National City Preferred Capital Trust II

....Outlook, Changed To Negative From Rating Under Review

..Issuer: National City Preferred Capital Trust III

....Outlook, Changed To Negative From Rating Under Review

..Issuer: PFGI Capital Corporation

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Provident Bank

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Provident Capital Trust I

....Outlook, Changed To Negative From Rating Under Review

..Issuer: Provident Capital Trust III

....Outlook, Changed To Negative From Rating Under Review

PNC, headquartered in Pittsburgh, Pennsylvania, reported assets of $146 billion at September 30, 2008.

National City, headquartered in Cleveland, Ohio, reported assets of $145 billion at September 30, 2008.

New York
Robert Young
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Allen H. Tischler
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2020 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/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE 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 INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER 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. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS 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.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR  PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating 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 or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

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 credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service 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."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit 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.

​​​​​​​​
Moodys.com