National City (NCC, news, chart) calls are active Wednesday. The stock is down 15 cents to $4.91 on news S&P has lowered the credit rating on the Cleveland based bank to A-/A-2 from A/A-1. The credit rating agency also lowered the counterparty credit rating on National City’s bank subsidiary to A from A+. The downgrade reflects ongoing concerns about the deterioration in the mortgage and housing sectors on US regional banks. In the options market, the reaction is interesting. Volume in NCC is running 600 percent greater relative to average for this time of day. 14,000 calls and just 345 puts have traded. The top trade of the day is an order for 4,436 January 10 calls traded offerside for 60 cents a contract. With open interest of 15,598, the trade might be closing. Nevertheless, overall sentiment is not as bearish as one might expect given today’s downgrade.