Moody's Investors Service has downgraded National City Bank's servicer quality rating for second liens by one notch, citing lower ratings on the parent company's long-term debt as the primary factor in the rating action. Moody's lowered National City's servicer quality rating to "SQ2" from a previous rating of "SQ2-plus," but also removed the servicer rating from review for possible additional downgrades. Moody's recently downgraded the parent company, National City Corp., to "A3" from "A2" for senior debt. The parent company's debt ratings remain on review.
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