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Aug. 26, 2004 / 1:19 PM

Fitch affirms PNC ratings

CHICAGO, Aug. 26 (UPI) -- Fitch Ratings of Chicago Thursday affirmed all the ratings of PNC Financial Services Group of Pittsburgh and its affiliates.

The rating outlook remains stable.

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Fitch said the action follows PNC's announcement its majority-owned affiliate BlackRock Inc. has reached a definitive agreement to purchase asset management firm State Street Research & Management from MetLife Inc.

The transaction is expected to close in early 2005. A complete list of ratings follows at the end of this release.

BlackRock will acquire SSRM for approximately $325 million in cash and $50 million in stock.

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