The A-minus rating of PNC Financial Corp. subordinated debt and preferred stock was affirmed by Standard & Poor's Corp.

Also affirmed were PNC Funding Corp.'s ratings of A on senior debt, A-minus on subordinated debt, and A1 on commercial paper.

The ratings outlook was revised to positive from stable. "Ratings reflect PNC Financial's diversified earnings stream and strong capital and reserve levels, especially in light of its moderate-risk loan portfolio profile," Standard & Poor's said.

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