S&P affirms National City

Standard & Poor's said it affirmed its ratings on National City Corp. and its subsidiaries, including the A long-term counterparty rating on National City.

At the same time, the outlook was revised to negative from stable, the agency said, noting that the outlook revision reflects its concern regarding National City's exposure to the still challenged housing and mortgage markets.

Credit risk represents the greatest pressure on the current ratings, S&P noted, adding that asset quality deteriorated materially during 2007 as a result of National City's concentration in housing and mortgage-related assets.

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