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Research Update: RBC Bank (USA) Ratings Raised to 'A/A-1' from 'BBB-/A-3' And Withdrawn At Issuer's Request Mar 12
Description:
Abstract
We are raising our long- and short-term issuer credit ratings on RBC Bank (USA) to 'A/A-1' from 'BBB-/A-3' following the closing of PNC Financial Services Group's (PNC) acquisition of RBC Bank. The upgrade reflects our view the company is "core" to PNC Bank N.A. (PNC Bank; the main operating company for PNC) and thus the ratings have been equalized with the ratings on PNC Bank. The outlook is stable. We have removed the ratings from CreditWatch positive where they had been placed on June 21, 2011, following the announcement of the acquisition. We are also withdrawing the ratings at the company's request. On March 7, 2012, Standard & Poor's Ratings Services raised its long- and short-term issuer credit ratings on...
Companies mentioned in this report are: RBC Bank (U.S.A.)
Action: Outlook: Stable
Action: Removed From CreditWatch
Action: Upgraded
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.
We are raising our long- and short-term issuer credit ratings on RBC Bank (USA) to 'A/A-1' from 'BBB-/A-3' following the closing of PNC Financial Services Group's (PNC) acquisition of RBC Bank. The upgrade reflects our view the company is "core" to PNC Bank N.A. (PNC Bank; the main operating company for PNC) and thus the ratings have been equalized with the ratings on PNC Bank. The outlook is stable. We have removed the ratings from CreditWatch positive where they had been placed on June 21, 2011, following the announcement of the acquisition. We are also withdrawing the ratings at the company's request. On March 7, 2012, Standard & Poor's Ratings Services raised its long- and short-term issuer credit ratings on...
Companies mentioned in this report are: RBC Bank (U.S.A.)
Action: Outlook: Stable
Action: Removed From CreditWatch
Action: Upgraded
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.
Companies Mentioned
RBC Bank (U.S.A.)
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Research Update: RBC Bank (USA) Ratings Raised to 'A/A-1' from 'BBB-/A-3' And Withdrawn At Issuer's Request Mar 12
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