DBRS Assigns BBB rating to PNC Financial’s Perpetual Preferred Stock; Trend Stable

DBRS Inc. (DBRS) has today assigned a rating of BBB to PNC Financial Services Group, Inc.’s (PNC or the Company) $1 billion issuance of fixed-to-floating rate, non-cumulative, perpetual preferred stock. Per DBRS’s standard preferred share methodology, the rating is positioned four notches below PNC’s Issuer & Senior Debt rating of A (high), which also carries a Stable trend.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations. Other methodologies used include the Enhanced Methodology for Bank Ratings – Intrinsic and Support Assessments and Rating Bank Preferred Shares and Equivalent Hybrids, all of which can be found on the DBRS website under Methodologies.

The sources of information used for this rating include the issuer, the Federal Deposit Insurance Corporation and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

Lead Analyst: William Schwartz
Rating Committee Chair: Roger Lister
Initial Rating Date: 6 April 2006
Most Recent Rating Update: 21 June 2011

For additional information on this rating, please refer to the linking document below.