PNC FINANCIAL SERVICES GROUP INC
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
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Parent Company Notes Redeemed
The following table details Parent Company note redemptions during 2024:
Table 32: Parent Company Notes Redeemed
| Redemption Date | Amount | Description of Redemption |
|---|---|---|
| October 28, 2024 | $1.0 billion | All outstanding senior fixed-to-floating rate notes with an original scheduled maturity date of October 28, 2025. The redemption price was equal to 100% of the principal amount, plus any accrued and unpaid interest to the redemption date of October 28, 2024. |
Contractual Obligations and Commitments
We enter into various contractual arrangements in the normal course of business, certain of which require future payments that could
impact our liquidity and capital resources. These obligations include commitments to extend credit, outstanding letters of credit,
customer deposits, borrowed funds, operating lease payments and future pension and post-retirement benefits. For further discussion
related to these contractual obligations and other commitments, see Note 6 Leases, Note 8 Time Deposits, Note 9 Borrowed Funds,
Note 10 Commitments and Note 16 Employee Benefit Plans.
The PNC Financial Services Group, Inc. –2024 Form 10-K 73
Credit Ratings
PNC’s credit ratings affect the cost and availability of short and long-term funding, collateral requirements for certain derivative instruments and the ability to offer certain products.
In general, rating agencies base their ratings on many quantitative and qualitative factors, including capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current legislative and regulatory environment, including implied government support. A decrease, or potential decrease, in credit ratings could impact access to the capital markets and/or increase the cost of debt, and thereby adversely affect liquidity and financial condition. For additional information on the potential impacts from a downgrade to our credit ratings, see Item 1A Risk Factors in this Report.
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