BlackRock Corporate High Yield Fund, Inc
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Company profile

BlackRock Corporate High Yield Fund, Inc. (the Trust) is a diversified closed-end management investment company. Its investment objective is to provide shareholders with current income. Its secondary investment objective is to provide shareholders with capital appreciation. It seeks to achieve its objectives by investing primarily in a diversified portfolio of fixed income securities, which are rated at the time of investment to be below investment grade or, if unrated, are considered by the investment adviser to be of comparable quality. It may invest directly in fixed income securities or synthetically through the use of derivatives. It invests approximately 80% of its net assets (including assets acquired from the sale of preferred stock), plus the amount of any borrowings for investment purposes, in high yield securities, including high yield bonds, corporate loans, convertible debt securities and preferred securities. BlackRock Advisors, LLC is the investment advisor of the Trust.

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6:34 pm ET June 23, 2022 (PR Newswire) Print

The PNC Financial Services Group, Inc. (NYSE: PNC) announced today the results of its biennial company-run stress test conducted in accordance with regulations of the Board of Governors of the Federal Reserve System (Federal Reserve) and the Office of the Comptroller of the Currency (OCC) under the Dodd-Frank Wall Street Reform and Consumer Protection Act. These company-run stress tests are designed to help assess whether banking organizations have sufficient capital to absorb losses and support operations during hypothetical severely adverse economic conditions over a nine-quarter projection period. The projection period for the 2022 test covers Jan. 1, 2022 to March 31, 2024.

"The results of the stress test demonstrate that PNC is well-positioned with a strong balance sheet to meet the needs of our customers, communities and employees during the hypothetical challenges of a severe economic downturn," said PNC Chairman, President and Chief Executive Officer William S. Demchak.

Under the hypothetical severely adverse scenario provided by the agencies, PNC estimates that its ending and minimum regulatory capital ratios would be as follows:

Basel III Regulatory Capital Ratios: Ending Q1 2024 Minimum
Common Equity Tier 1                 9.1%           8.7%
Tier 1 Risk-Based Capital            10.4%          10.0%
Total Risk-Based Capital             12.8%          12.0%
Tier 1 Leverage                      7.2%           7.2%
Supplementary Leverage               6.0%           6.0%

These results are the product of a forward-looking regulatory exercise using hypothetical macroeconomic assumptions and, as such, these results do not represent a forecast of PNC's future capital levels or anticipated economic conditions.

The supervisory severely adverse scenario for the 2022 company-run stress test was released by the Federal Reserve and OCC Feb.10, 2022. The scenario is characterized by a severe global recession accompanied by a period of heightened stress in commercial real estate and corporate debt markets.

PNC has assumed that its capital actions during the projection period are consistent with the requirements of the Federal Reserve's current Dodd-Frank Act company-run stress test regulations (12 C.F.R. 252.56). These assumptions are designed to assist the public in comparing disclosed results across the bank holding companies subject to the tests and reduce the effect of company-specific assumptions related to capital distributions on disclosed results. As a result, PNC's financial information and capital ratios for the 2022 stress test are calculated for the nine quarters based on the following assumptions:

-- There are no repurchases or redemptions of regulatory capital instruments;

-- There are no issuances of common stock or preferred stock;

-- No dividends are paid on PNC's common stock; and

-- Payments on Tier 1 and Tier 2 regulatory capital instruments outstanding are made equal to the stated dividend, interest, or principal due.

The Basel III risk-based ratios were determined using the Standardized Approach for risk weights included in the Basel III rules.

Results of PNC's company-run stress test, including PNC's estimates of pre-provision net revenue, other revenue, loan and other losses, net income before taxes, risk-weighted assets, and regulatory capital ratios for PNC, as well as additional information on the methodologies used in conducting the stress test, may be found at

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit


MEDIA: Marcey Zwiebel (412) 762-4550

INVESTORS: Bryan Gill (412) 768-4143

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SOURCE The PNC Financial Services Group, Inc.

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