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BANK OF NEW YORK RATINGS AFFIRMED BY FITCH; CREDIT TREND IMPROVING -- FITCH FINANCIAL WIRE --

 BANK OF NEW YORK RATINGS AFFIRMED BY FITCH; CREDIT TREND IMPROVING
 -- FITCH FINANCIAL WIRE --
 NEW YORK, May 11 /PRNewswire/ -- The Bank of New York Co.'s credit trend is revised to improving from stable by Fitch. The following ratings are affirmed: senior debt 'A', subordinated debt 'A-', preferred stock 'BBB+', and commercial paper 'F-1'. Also affirmed are the 'A-' subordinated debt of Bank of New York Overseas Finance N.V. and the 'A+/F-1' ratings for the Bank of New York's letters of credit and certificates of deposit. These credit trends are also revised to improving from stable.
 The bank is the principal subsidiary of The Bank of New York Co., Inc., which, with $40 billion of total assets on March 31, 1992, ranked as the seventeenth largest U.S. bank holding company.
 Asset quality, which improved during the final half of 1991, continued this trend during the first quarter of 1992. Since June 30, 1991, nonperforming assets have declined $560 million and now represent 4.6 percent of related assets, vs. 6.0 percent at the end of June 1991. Also, strong improvement has been evident in the coverage of problem loans as the consolidated reserve for loan losses at March 31, 1992, was equal to 93 percent of nonperforming loans, compared to 73 percent at mid-year 1991.
 Profitability for the first quarter was an annualized 0.77 percent of average assets, the company's best quarterly performance in two years. Aiding earnings are continuing expense reductions related to the acquisition of Irving Trust. Fitch expects these savings to exceed $200 million for 1992.
 Capital ratios, including the risk-adjusted regulatory ratios as well as ratios computed on a tangible basis, have all been strengthened during the past year.
 -0- 5/11/92
 /CONTACT: Fred W. DeBussey of Fitch, 212-908-0521/
 (BK) CO: Bank of New York Co. ST: New York IN: FIN SU: RTG


JT -- NY092 -- 8766 05/11/92 16:08 EDT
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Publication:PR Newswire
Date:May 11, 1992
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