On June 20, 2011, PNC Financial Services Group (PNC) agreed to purchase RBC Bank (USA) for approximately US$3.62 billion, consisting of US$3.45 billion for the purchase of RBC Bank and US$165 million for the purchase of related credit card assets. We are placing the ratings on RBC Bank, including the 'BBB' long-term counterparty credit rating, on CreditWatch Positive. The CreditWatch reflects our expectation that RBC Bank, on closing, will be fully merged into PNC, and therefore is likely to benefit from PNC's size and scale advantage and the higher counterparty credit ratings. On June 21, 2011, Standard & Poor's Ratings Services placed its ratings on RBC Bank (USA) (RBC Bank), including its 'BBB' long-term counterparty credit rating, on CreditWatch with...
Companies mentioned in this report are: RBC Bank (USA),Centura Capital Trust I
Action: On CreditWatch:Positive
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Product Type: Research Update
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