Moodys.com
Close
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
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
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 - Servicer:

Moody's changes PNC's outlook to negative and reviews National City for upgrade

24 Oct 2008
Moody's changes PNC's outlook to negative and reviews National City for upgrade

New York, October 24, 2008 -- Moody's Investors Service changed the rating outlook on PNC Financial Services Group, Inc. (PNC) and its subsidiaries to negative from stable. The holding company is rated A1 for senior debt and the lead bank, PNC Bank, N.A., is rated B for bank financial strength and Aa3 for deposits. In a related action, Moody's placed the ratings of National City Corporation (NCC) and its subsidiaries on review for possible upgrade. NCC is rated A3 for senior debt and its lead bank, National City Bank, is rated C+ for bank financial strength and A2 for deposits. The Prime-2 short-term rating of National City Credit Corporation is also on review for possible upgrade.

The rating action follows PNC's announcement that it has agreed to acquire 100% of NCC in an all stock transaction. The proposed acquisition will materially enlarge PNC's direct banking franchise. PNC will strengthen its existing market position in western Pennsylvania and Ohio and also gain entry into new markets, primarily in the Midwest. Overall, PNC will rank 5th in U.S. domestic deposits.

Moody's said the negative outlook on PNC reflects the integration challenges of the acquisition as well as the incremental credit risk associated with NCC's large portfolio of troubled real estate assets, both residential and commercial. NCC represents PNC's largest acquisition. Though business lines are similar, the magnitude of the task, particularly in a weak economic environment, could prove challenging. With regard to the credit risk of the acquired NCC portfolios, Moody's notes that PNC will significantly mark down NCC's assets in its accounting for the acquisition, thereby limiting PNC's future provisioning needs. Nonetheless, a substantially weaker housing and overall economic environment could further impact these portfolios, as well as NCC's other loan exposures and PNC's own loan book in 2009.

PNC will support its pro forma capital position by issuing $7.7 billion in preferred shares and common stock warrants to the U.S. Treasury under its new Capital Purchase Program. This, combined with some issuance of common stock, will result in PNC maintaining healthy regulatory capital ratios, said Moody's. Nonetheless, PNC's tangible common equity ratio will be comparatively low, though Moody's expects PNC to rebuild the strength of this metric over time as it retains earnings.

In placing NCC's ratings under review for possible upgrade, Moody's said NCC's creditors are expected to benefit from becoming part of an entity that has demonstrated comparatively stable performance during an historically challenging credit cycle. The review of NCC will focus on the transaction's close and the integration plan, including the legal structure of the entities post-closing. To the extent these progress in accordance with Moody's expectations, it is probable that NCC's ratings will rise to PNC's level. The review process will last until the completion of the transaction.

On Review for Possible Upgrade:

..Issuer: First of America Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Upgrade, currently Baa1

..Issuer: Merchants National Corp

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Upgrade, currently A3

..Issuer: National City Bank

....Bank Financial Strength Rating, Placed on Review for Possible Upgrade, currently C+

....Issuer Rating, Placed on Review for Possible Upgrade, currently A2

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Upgrade, currently A2

....Multiple Seniority Bank Note Program, Placed on Review for Possible Upgrade, currently a range of A3 to A2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently A3

....Senior Unsecured Deposit Program, Placed on Review for Possible Upgrade, currently A2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently A2

....Senior Unsecured Deposit Rating, Placed on Review for Possible Upgrade, currently A2

..Issuer: National City Bank of Kentucky

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently A3

..Issuer: National City Bank of Pennsylvania

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently A3

..Issuer: National City Bank, Indiana

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently A3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently A2

..Issuer: National City Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Upgrade, currently Baa1

..Issuer: National City Capital Trust II

....Preferred Stock Preferred Stock, Placed on Review for Possible Upgrade, currently Baa1

....Preferred Stock Shelf, Placed on Review for Possible Upgrade, currently (P)Baa2

..Issuer: National City Capital Trust III

....Preferred Stock Preferred Stock, Placed on Review for Possible Upgrade, currently Baa1

....Preferred Stock Shelf, Placed on Review for Possible Upgrade, currently (P)Baa2

..Issuer: National City Capital Trust IV

....Preferred Stock Preferred Stock, Placed on Review for Possible Upgrade, currently Baa1

....Preferred Stock Shelf, Placed on Review for Possible Upgrade, currently (P)Baa2

..Issuer: National City Corporation

....Junior Subordinated Shelf, Placed on Review for Possible Upgrade, currently (P)Baa1

....Multiple Seniority Shelf, Placed on Review for Possible Upgrade, currently a range of (P)Baa2 to (P)A3

....Preferred Stock Preferred Stock, Placed on Review for Possible Upgrade, currently Baa2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently Baa1

....Senior Unsecured Conv./Exch. Bond/Debenture, Placed on Review for Possible Upgrade, currently A3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently A3

..Issuer: National City Credit Corporation

....Commercial Paper, Placed on Review for Possible Upgrade, currently P-2

..Issuer: National City Preferred Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Upgrade, currently Baa2

....Preferred Stock Shelf, Placed on Review for Possible Upgrade, currently (P)Baa2

..Issuer: National City Preferred Capital Trust II

....Preferred Stock Shelf, Placed on Review for Possible Upgrade, currently (P)Baa2

..Issuer: National City Preferred Capital Trust III

....Preferred Stock Shelf, Placed on Review for Possible Upgrade, currently (P)Baa2

..Issuer: PFGI Capital Corporation

....Preferred Stock Preferred Stock, Placed on Review for Possible Upgrade, currently Baa2

..Issuer: Provident Bank

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently A3

..Issuer: Provident Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Upgrade, currently Baa1

..Issuer: Provident Capital Trust III

....Preferred Stock Shelf, Placed on Review for Possible Upgrade, currently (P)Baa1

..Issuer: Provident Financial Group, Inc.

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Upgrade, currently A3

Outlook Actions:

..Issuer: Mercantile Bankshares Corporation

....Outlook, Changed To Negative From Stable

..Issuer: National City Credit Corporation

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

..Issuer: PNC Bank, Delaware

....Outlook, Changed To Negative From Stable

..Issuer: PNC Bank, N.A.

....Outlook, Changed To Negative From Stable

..Issuer: PNC Capital Trust C

....Outlook, Changed To Negative From Stable

..Issuer: PNC Capital Trust D

....Outlook, Changed To Negative From Stable

..Issuer: PNC Capital Trust E

....Outlook, Changed To Negative From Stable

..Issuer: PNC Capital Trust F

....Outlook, Changed To Negative From Stable

..Issuer: PNC Capital Trust G

....Outlook, Changed To Negative From Stable

..Issuer: PNC Capital Trust H

....Outlook, Changed To Negative From Stable

..Issuer: PNC Financial Services Group, Inc.

....Outlook, Changed To Negative From Stable

..Issuer: PNC Funding Corporation

....Outlook, Changed To Negative From Stable

..Issuer: PNC Institutional Capital Trust A

....Outlook, Changed To Negative From Stable

..Issuer: PNC Preferred Funding Trust I

....Outlook, Changed To Negative From Stable

..Issuer: PNC Preferred Funding Trust II

....Outlook, Changed To Negative From Stable

..Issuer: PNC Preferred Funding Trust III

....Outlook, Changed To Negative From Stable

..Issuer: Riggs National Corporation

....Outlook, Changed To Negative From Stable

Confirmations:

..Issuer: National City Bank

....OSO Rating, Confirmed at P-1

....Deposit Rating, Confirmed at P-1

....Multiple Seniority Bank Note Program, Confirmed at P-1

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.
© 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.

MOODY’S CREDIT RATINGS AND MOODY’S 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 OR MOODY’S 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.

CREDIT RATINGS AND MOODY’S 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 the Moody’s 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 OR 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 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.”

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 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.

​​​​
Moodys.com