NEW YORK, May 24 /PRNewswire/ -- Standard & Poor's Equity Research Services has upgraded its opinion on shares of PNC Financial Services Group (NYSE: PNC; $68.89) to "Strong Buy" (5-STARS out of 5) from "Buy" (4-STARS). Upon further analysis of PNC's prospects, we are more confident in our view of five-year EPS growth of 14%. Also, we think the planned deal, in which PNC's 70% stake in BlackRock (NYSE: BLK; $133.60; 3-STARS) will be reduced as BlackRock buys assets from Merrill Lynch (NYSE: MER; $71.40; 4-STARS), should provide substantial benefits to PNC and allow it to focus on core businesses. In 2006, we see flat net interest margins aided by higher earning assets and non-interest income, as well as a better efficiency ratio. Our 2006 and 2007 EPS estimates stay $5.04 and $5.89, respectively. Christopher B. Muir Regional Banks Analyst Standard & Poor's Equity Research Services Standard & Poor's Equity Research The analyst quoted above is a Standard & Poor's Equity Analyst. He has no affiliation with any company he covers. He has no ownership interest in any company he covers. Standard & Poor's other affiliates may provide services to the companies that are the subject of this report. About Standard & Poor's Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP), is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research, data and valuations. With approximately 6,300 employees located in 20 countries and markets, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com/. About Standard & Poor's Equity Research As the world's largest producer of independent equity research, over 1,000 institutions license Standard & Poor's research for their investors and advisors, including 19 of the top 20 securities firms, 13 of the top 20 banks, and 11 of the top 20 life insurance companies. Standard & Poor's team of 100 experienced U.S., European and Asian equity analysts use a fundamental, bottom-up approach to assess a global universe of approximately 2,000 equities across more than 120 industries worldwide. Follow Standard & Poor's equity analysts' US market commentary each day at http://www.equityresearch.standardandpoors.com/. The equity research reports and recommendations provided by Standard & Poor's Equity Research are performed separately from any other analytic activity of Standard & Poor's. Standard & Poor's Equity Research has no access to non- public information received by other units of Standard & Poor's. Standard & Poor's does not trade on its own account. The analytical and ethical conduct of Standard & Poor's equity analysts is governed by the firm's Research Objectivity Policy, a copy of which may also be found at http://www.standardandpoors.com/ or by clicking here. DATASOURCE: Standard & Poor's CONTACT: Michael Privitera, Communications, Tel.: (212) 438-6679 Web site: http://www.standardandpoors.com/ http://www.equityresearch.standardandpoors.com/

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