Fitch Ratings has affirmed the long-term issuer default rating and short-term rating of National City Corp., Cleveland, in large part because of the sale of First Franklin at the end of last year.It continued the Stable rating outlook of the bank holding company as well. Fitch said the affirmations reflect NCC's "successful navigation of the volatile mortgage market" and the eventual wind-down of its subprime mortgage portfolio. "While the mortgage banking business has slowed substantially, NCC is a diversified company, and other aspects of the organization have helped to fill the void from mortgage banking," the rating agency said. Fitch can be found on the Web at http://www.fitchratings.com.
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