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Rating Action:

Moody's may downgrade National City's ratings (Snr at A3)

29 Sep 2008
Moody's may downgrade National City's ratings (Snr at A3)

New York, September 29, 2008 -- Moody's Investors Service placed the ratings of National City Corporation (NCC) and its subsidiaries on review for possible downgrade. The holding company is rated A3 for senior debt. The lead bank, National City Bank, is rated C+ for bank financial strength and A2 for long-term deposits. The lead bank's Prime-1 rating is also on review, but the Prime-2 short-term rating of National City Credit Corporation, guaranteed by NCC, was affirmed.

The review will focus on the implications of National City's exposure to significant real estate related credit costs. Moody's notes that the magnitude of these credit costs relative to the firm's earnings from its core banking franchise make the timing of its return to profitability uncertain. This has weakened investor confidence and could ultimately impact National City's core franchise stability.

Notwithstanding that concern, Moody's notes National City raised considerable capital earlier in 2008, and this gives it a substantial equity capital cushion to absorb significant credit losses. Moreover, National City's liquidity position, at both the bank and bank holding company, are currently strong. Indeed, Moody's does not believe that National City will need to access the capital markets again in the near-term.

In addition, the potential benefits of the U.S. Government's plans to bolster liquidity for mortgage assets, if ultimately passed, could restore investor confidence and contribute to market and customer stability. Moody's will also consider the evolving nature of the actions taken by regulators in the United States and the ratings implications of these actions on the firm's various classes of creditors.

On Review for Possible Downgrade:

..Issuer: First of America Capital Trust I

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

..Issuer: Merchants National Corp

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

..Issuer: National City Bank

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

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

....OSO Rating, Placed on Review for Possible Downgrade, currently P-1

....Deposit Rating, Placed on Review for Possible Downgrade, currently P-1

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

....Multiple Seniority Bank Note Program, Placed on Review for Possible Downgrade, currently A3

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

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

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

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

..Issuer: National City Bank of Kentucky

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

..Issuer: National City Bank of Pennsylvania

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

..Issuer: National City Bank, Indiana

....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 Capital Trust I

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

..Issuer: National City Capital Trust II

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

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

..Issuer: National City Capital Trust III

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

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

..Issuer: National City Capital Trust IV

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

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

..Issuer: National City Corporation

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

....Multiple Seniority Shelf, Placed on Review for Possible Downgrade, currently (P)Baa2

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

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

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

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

..Issuer: National City Preferred Capital Trust I

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

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

..Issuer: National City Preferred Capital Trust II

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

..Issuer: National City Preferred Capital Trust III

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

..Issuer: PFGI Capital Corporation

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

..Issuer: Provident Bank

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

..Issuer: Provident Capital Trust I

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

..Issuer: Provident Capital Trust III

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

..Issuer: Provident Financial Group, Inc.

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

Outlook Actions:

..Issuer: First of America Capital Trust I

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

..Issuer: Merchants National Corp

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

..Issuer: National City Bank

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

..Issuer: National City Bank of Kentucky

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

..Issuer: National City Bank of Pennsylvania

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

..Issuer: National City Bank, Indiana

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

..Issuer: National City Capital Trust I

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

..Issuer: National City Capital Trust II

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

..Issuer: National City Capital Trust III

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

..Issuer: National City Capital Trust IV

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

..Issuer: National City Corporation

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

..Issuer: National City Preferred Capital Trust I

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

..Issuer: National City Preferred Capital Trust II

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

..Issuer: National City Preferred Capital Trust III

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

..Issuer: PFGI Capital Corporation

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

..Issuer: Provident Bank

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

..Issuer: Provident Capital Trust I

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

..Issuer: Provident Capital Trust III

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

..Issuer: Provident Financial Group, Inc.

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

National City Corporation, headquartered in Cleveland, Ohio, reported assets of $154 billion at June 30, 2008.

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

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

No Related Data.
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