Responding to a rash of downgrades of its stock, a top PNC Bank Corp. official said Thursday that the bank would accept a decline in earnings as it restructures its balance sheet, rather than compromise its credit standards.

Walter E. Gregg Jr., PNC's executive vice president of finance and administration, said the Pittsburgh banking company is now bringing its balance sheet management in line with its operating strategies. He added that he doesn't anticipate much earnings growth before 1996.

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