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Moody's affirms ratings on PNC Financial Services Group, subsidiary

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Moody's affirms ratings on PNC Financial Services Group, subsidiary

Moody's affirmed all the ratings and assessments of Pittsburgh-based PNC Financial Services Group Inc. and its subsidiaries.

PNC Financial has senior debt rating of A3. Its bank subsidiary, PNC Bank NA, has a standalone baseline credit assessment rating of "a2," deposit ratings of Aa2/Prime-1, senior debt rating of A2, a subordinated debt rating of A3 and counterparty risk ratings and counterparty risk assessments of A2/Prime-1 and A1(cr)/Prime-1(cr), respectively.

The rating outlook remains stable.

The ratings reflect that the "benefits to creditors from PNC's balance sheet strengths and revenue diversity are durable." Moody's also noted that the attributes of the company and its subsidiaries' balance sheet, such as asset risk, capital and liquidity, are sound, and it expects them to be "resilient" in an economic downturn.