Moody's Cuts PNC Debt, Preferred Stock Ratings

Moody's said PNC appears to be accounting for National City's struggling loan portfolio and the overall costs of the souring credit appear manageable. However, the timing of such costs could hurt PNC's metrics in the coming quarters, which factored into the downgrades.

PNC shares closed Tuesday's regular trading session down $1.89, or 4 percent, at $44.79, then regained 70 cents to trade at $45.49 in aftermarket activity. The stock has changed hands between $16.20 and $87.99 in the past 52 weeks, and started the day down about 5 percent since the start of the year.