If you read previous reports they state that they didn't buy...

If you read previous reports they state that they didn't buy certain debt because it was 'too expensive'. That's the basis of the comment.

PNC have consistently over discounted their debt valuations & recovered more than book value. I don't see them having an issue with their current valuation practice unless the economy materially deteriorates. If someone suggests that PNC is at risk due to that then that is a valid opinion, just as they are for the increased cost of debt that primarily finances their business.

I invested in PNC vs CLH / CCP because i was impressed with the management, the fact they had consistently delivered, level of mngt ownership, growth projections & i considered them better value.
Until that view changes i will continue to hold, i also see them smashing their 2018 profit forecast & a re-rating to $4+ by the end of 2018.