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CITICORP $175 MILLION 9.08 PERCENT PREFERRED STOCK RATED 'BBB+' BY FITCH -- FITCH FINANCIAL WIRE --

CITICORP $175 MILLION 9.08 PERCENT PREFERRED STOCK RATED 'BBB+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, March 20 /PRNewswire/ -- Citicorp's newly issued $175 million of 9.08 percent cumulative preferred stock is rated 'BBB+' by Fitch. Each of the seven million shares, increased from the original 6 million, represents a one-tenth ownership in a share of 9.08 percent preferred stock, Series 14, $250 liquidation preference per share.
 Dividends will be payable on Feb. 15, May 15, Aug. 15, and Nov. 15 of each year. The shares are noncallable for five years.
 Fitch's expectation is for improved core earnings and balanced sheet strengthening by Citicorp during the next 24 months. Quarterly profitability is expected, as are higher capital ratios and no material deterioration in aggregate nonperforming assets.
 A sizable portion of Citicorp's expected performance turnaround is projected to take place during 1992, as is Citicorp's own reorganization program, the final half of which is to be completed this year. While the time necessary for the Citicorp to generate meaningful net income will likely absorb the next eight quarters, the evidence of success should be in place at the end of 1992. Lack of solid progress would result in Citicorp's senior debt rating falling into the lower range of investment grade, factoring in the regulatory support that has been evidenced in the past as an important element in the rating.
 -0- 3/20/92
 /CONTACT: Fred W. DeBussey of Fitch, 212-908-0521/
 (CCI) CO: Citicorp ST: New York IN: FIN SU: RTG


KD -- NY064 -- 0185 03/20/92 15:23 EST
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Publication:PR Newswire
Date:Mar 20, 1992
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