Moody's Cuts PNC Debt, Preferred Stock Ratings

NEW YORK (AP) — Moody's Investors Services on Tuesday cut its ratings on PNC Financial Services Group Inc., citing implications from its acquisition late last year of National City Bank.

The ratings agency cut Pittsburgh-based PNC Financial Services Group Inc.'s senior debt rating to "A3" from "A1," its subordinated debt rating to "Baa1" from "A2" and the preferred stock rating to "Baa2" from "A3." The holding company's short-term debt rating was downgraded to "Prime-2" to "Prime-1."

All of these ratings remain investment grade. ...