National City to permit closure of equity lines
9/5/2008CLEVELAND 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.