S&P Corrects Omissions In PNC Financial Ratings

—PFGI Capital Corp. is now being properly reflected as a subsidiary of PNC Bank NA, and the preferred stock of PFGI Capital Corp. now properly carries a 'BBB+' rating — the third lowest investment-grade rating. The ratings on PFGI Capital Corp.'s outstanding preferred stock are on negative watch.

"The actions are required to correct several erroneous CreditWatch omissions," S&P credit analyst John Bartko said.

Wednesday's moves came after S&P on May 4 placed PNC Financial Services and 22 other regional and national banks on CreditWatch Negative. The negative watch is tied to an ongoing industrywide review S&P is conducting on the financial services sector, which has been battered for nearly two years by the credit crisis and ongoing recession.

Shares of PNC Financial Services fell $1.54, or nearly 3.7 percent, to close at $40.33 on Wednesday.