CHICAGO - Duff & Phelps Credit Rating Co. has reaffirmed its credit ratings for PNC Bank Corp. after it announced of a definitive agreement to acquire Chemical Banking Corp.'s southern and central New Jersey branches.

Duff & Phelps said the acquisition fits well will PNC's strategy of growing its consumer retail banking business and would not add to nonperforming assets.

PNC Funding Corp. senior debt remains at A-plus and the subordinated debt rating for both the holding company and the funding unit remain at A.

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