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I AGREE
Rating Action:

Moody's may downgrade National City's ratings (Snr at A2)

08 Jan 2008
Moody's may downgrade National City's ratings (Snr at A2)

New York, January 08, 2008 -- Moody's Investors Service placed the ratings of National City Corporation (NCC) under review for possible downgrade. More specifically, the long-term ratings of NCC (senior at A2) and the Prime-1 short-term rating of National City Credit Corporation, guaranteed by NCC, were placed under review for possible downgrade. In addition, Moody's placed National City Bank's B- financial strength rating and its A1 rating for long-term deposits under review for possible downgrade. Moody's affirmed the bank's Prime-1 short-term rating.

Moody's said that the review will focus on the level of loan-loss provisions NCC may need to take in 2008 and 2009 against its sizable exposure to the residential mortgage market and its commercial-real-estate exposure especially against its residential-development portfolios. "National City has a large second-lien-home-equity exposure and a sizable exposure to residential development and land loans," said Moody's Senior Vice President, Sean Jones. "Recent market trends are suggesting the severity of loss in components of these portfolios could be higher than what we thought just two months ago", said Mr. Jones.

The potential incremental provisions could offset the positive capital initiatives that NCC is implementing, said Moody's. Moody's stated that National City's capital initiatives include cutting its dividend by one-half to approximately $120 million a quarter. It also recently announced its intention to raise hybrid capital in the first quarter 2008. The review will also focus on the amount of capital NCC can generate in comparison to the potential rise in credit costs.

National City's retail and commercial bank located in the mid-west continue to support its ratings, stated Moody's. The platform provides $54 billion of low-cost deposits supporting both the bank's liquidity and the bank's earnings diversity. Moody's added that although National City's business is skewed towards the more troubled economies of Michigan and Ohio, the direct bank generates a vital source of core earnings that will help National City absorb potential losses in its problematic portfolios.

On Review for Possible Downgrade:

..Issuer: First of America Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A3

..Issuer: Merchants National Corp

....Senior Unsecured Medium-Term Note Program, Placed on Review for Possible Downgrade, currently A2

..Issuer: National City Bank

....Bank Financial Strength Rating, Placed on Review for Possible Downgrade, currently B-

....Issuer Rating, Placed on Review for Possible Downgrade, currently A1

....OSO Senior Unsecured OSO Rating, Placed on Review for Possible Downgrade, currently A1

....Multiple Seniority Bank Note Program, Placed on Review for Possible Downgrade, currently A2

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Deposit Program, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

....Senior Unsecured Deposit Rating, Placed on Review for Possible Downgrade, currently A1

..Issuer: National City Bank of Kentucky

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Issuer: National City Bank of Pennsylvania

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Issuer: National City Bank, Indiana

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A1

..Issuer: National City Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A3

..Issuer: National City Capital Trust II

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A3

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

..Issuer: National City Capital Trust III

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A3

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

..Issuer: National City Capital Trust IV

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A3

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

..Issuer: National City Corporation

....Junior Subordinated Shelf, Placed on Review for Possible Downgrade, currently (P)A3

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)Baa1

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

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

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

..Issuer: National City Credit Corporation

....Commercial Paper, Placed on Review for Possible Downgrade, currently P-1

..Issuer: PFGI Capital Corporation

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

..Issuer: Provident Bank

....Subordinate Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently A2

..Issuer: Provident Capital Trust I

....Preferred Stock Preferred Stock, Placed on Review for Possible Downgrade, currently A3

..Issuer: Provident Capital Trust III

....Preferred Stock Shelf, Placed on Review for Possible Downgrade, currently (P)A3

..Issuer: Provident Financial Group, Inc.

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

Outlook Actions:

..Issuer: First of America Capital Trust I

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

..Issuer: Merchants National Corp

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

..Issuer: National City Bank

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

..Issuer: National City Bank of Kentucky

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

..Issuer: National City Bank of Pennsylvania

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

..Issuer: National City Bank, Indiana

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

..Issuer: National City Capital Trust I

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

..Issuer: National City Capital Trust II

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

..Issuer: National City Capital Trust III

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

..Issuer: National City Capital Trust IV

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

..Issuer: National City Corporation

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

..Issuer: National City Credit Corporation

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

..Issuer: PFGI Capital Corporation

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

..Issuer: Provident Bank

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

..Issuer: Provident Capital Trust I

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

..Issuer: Provident Capital Trust III

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

..Issuer: Provident Financial Group, Inc.

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

National City Corporation is headquartered in Cleveland, and as of September 30th 2007 its reported assets were $154 billion.

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

New York
Sean Jones
Senior Vice President
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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​

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