DBRS Confirms National City Bank at AA (low); National City Corporation at A (high)

Dominion Bond Rating Service (DBRS) has today confirmed the ratings of National City Corporation (NCC or the Company) and related entities as follows: National City Bank’s Deposits & Senior Debt at AA (low), Subordinated Debt at A (high) and Short-Term Instruments at R-1 (middle); National City Corporation’s Issuer & Senior Debt at A (high), Subordinated Debt at “A” and Short-Term Instruments at R-1 (middle). At the same time DBRS assigns new ratings to related entities or debt instruments that had previously not been rated as follows: Provident Capital Trust I, First America Capital Trust I and Fort Wayne Capital Trust I Trust Preferred Securities at “A.” The rating actions follow a review by DBRS of NCC’s strategic initiatives, operating results and financial fundamentals. The trend for all ratings remains Stable.

Over the past year NCC has achieved good progress in sharpening its focus on direct banking business and further building out its franchise. More specifically, NCC continued divesting or exiting indirect businesses, agreed to sell its non-prime mortgage subsidiary (First Franklin) and a part of the related loan portfolio. At the same time the Company continued to strengthen its franchise in higher growth markets through a combination of acquisitions and organic growth both in its current footprint and in Florida’s wealthy East Coast region (two acquisitions pending completion in Q4 2006 and Q1 2007). As well, the Company has made further investments in strategically important businesses that can lead to deeper client relationships.

In the short term DBRS expects these transactions to lower NCC’s currently elevated reliance on wholesale funding, eliminate a large amount of interest rate risk and earnings volatility, support sustained good asset quality, and strengthen capital. The extent of these improvements cannot be fully assessed at this time in that NCC is likely to invest at least a portion of the sales proceeds in businesses that will further build its capabilities. In the longer term, these strategic steps, together with ongoing investments in technology, expanded capabilities, and targeted cost reductions are likely to lead to improved profitability metrics, a stronger franchise, and better prospects for sustained earnings growth.

The ratings and Stable trend take into account the foregoing positive changes in NCC’s business platform and future prospects, along with its prevailing diverse banking and financial services franchise in the major Midwestern metropolitan areas. The Company’s risk profile is conservative, its operating efficiency is good, and its loan portfolio is both sufficiently granular and diversified by geography and industry.

DBRS believes a substantial decline in wholesale funding reliance together with a sustained and material improvement in profitability metrics could lead to positive rating pressure. On the other hand, weakening profitability and tangible capital adequacy, along with an aggressive pace of acquisitions and the potential for integration problems could have negative rating implications.

National City Corporation, a financial holding company headquartered in Cleveland, Ohio reported $141 billion in balance sheet assets at June 30, 2006.

Note: the Trust Preferred Securities may contain certain unique covenants that give these instruments some equity-like characteristics.