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CHEMICAL BANKING $200 MILLION 7.58 PERCENT PREFERRED STOCK RATED 'BBB+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, March 18 /PRNewswire/ -- Chemical Banking Corp.'s new $200 million 7.58 percent preferred stock is rated `BBB+' by Fitch. The credit trend is stable.
 Each of the depositary shares represents ownership of one quarter of a share of 7.58 percent cumulative preferred stock, $100 stated value per share. Dividends are payable on the last day of March, June, September, and December.
 The rating reflects strengthened core earnings enhanced by meaningful reductions in overhead costs, substantial liquidity at both the parent and banking subsidiaries, modest parent company double leverage, and improving asset quality measurements.
 -0- 3/18/93
 /CONTACT: Fred W. DeBussey of Fitch, 212-908-0521/
 (CHL)


CO: Chemical Banking Corp. ST: New York IN: FIN SU: RTG

WB -- NY027 -- 7397 03/18/93 10:33 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 18, 1993
Words:129
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