Friday, Jul 01, 2016
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Economy

National City to permit closure of equity lines

CLEVELAND National City Corp., Ohio s largest bank, said yesterday it will let some customers close their untapped home-equity lines of credit, without penalty, to reduce liabilities on its balance sheet.

The lender will reward customers who accept the offer, a spokesman said without providing details.

The announcement was made a day after Standard & Poor s downgraded National City s long-term rating to A-minus, its fourth-lowest investment grade, from A.

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