Research Update: RBC Bank (USA) Remains On CreditWatch Positive Following PNC Financial Services Group Announced Acquisition Oct 11
- Language: English
- Published: October 2011
- Region: United States
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
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.