Moody's may downgrade PNC by mid-May

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By The Tribune-Review

1 Min Read • March 13, 2009 | 17 years Ago

| Friday, March 13, 2009 12:00 a.m.

PNC Bank is among nearly two dozen big banks that Moody’s Investors Service might downgrade, the New York ratings firm said Thursday.

Moody’s is reviewing the financial strength and deposit and debt ratings of PNC and 22 other super-regional banks for possible downgrades by mid-May.

Moody’s believes the housing and economic crisis will lead to “significantly higher credit losses than previously anticipated,” it said.