Alliance Capital commercial paper program receives F-1 rating and A+ counterparty rating from Fitch.

NEW YORK, N.Y.--(BUSINESS WIRE)--May 13, 1997--Alliance Capital Management L.P. (NYSE: "AC") has received an F-1 short-term rating, applicable to its $100 million commercial paper program, and an A+ long-term counterparty rating from Fitch Investors Service.

Fitch cited the strength of Alliance's market position as an investment manager, its solid growth in assets under management as well as its strong profitability and conservative balance sheet. Other factors contributing to the rating include Alliance's efforts to build an international presence through diversification and the impressive five-year annual growth rate of revenues.

Alliance Capital's commercial paper program is currently rated Prime-1 by Moody's and A-1 by Standard & Poor's. The long-term counterparty ratings issued by Moody's and Standard & Poor's are A2 and A, respectively.

With $182.0 billion in assets under management, Alliance Capital is helping investors worldwide reach their retirement goals. The firm manages retirement assets for many of the largest public and private employee benefit plans including 31 of the nation's Fortune 100 companies, public employee retirement funds in 33 states, as well as managing assets for foundations, endowments, banks and insurance companies. In addition, Alliance Capital is one of America's largest mutual fund sponsors, with nearly three million shareholder accounts investing through the firm's diverse family of fund portfolios. As of March 31, 1997, the Partnership's general partner, a wholly-owned subsidiary of The Equitable Companies Incorporated ("EQ"), owned a 1% general partnership interest in Alliance and approximately 57% of the Partnership's outstanding Units.

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