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CITICORP $350 MILLION 7.5 PERCENT PREFERRED RATED 'BBB+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 31 /PRNewswire/ -- Citicorp's newly issued $350 million 7.5 percent noncumulative preferred stock, Series 17, is rated 'BBB+' by Fitch. The credit trend is stable.
 Citicorp's earnings leverage has been materially enhanced by the growth in its operating margin. Continuance of this higher margin, coupled with expected lower credit costs, will drive meaningful improvement in the corporation's profitability and earnings in 1993 and beyond.
 The current base of Citicorp's core operating margins, and resulting profitability, appears materially more sustainable than has been the case for some years. Implementation of Citicorp's two-year, Five Point Plan accomplished significant changes in the collective operating philosophy, benefitting personnel as well as financial resources. Citicorp has tightened its internal controls and monitoring systems. This more disciplined approach will strengthen its interaction with regulators.
 Each of the 14 million depositary shares represents a one-tenth ownership interest in a share of 7.5 percent noncumulative preferred stock, Series 17, with a liquidation preference of $250 per share.
 -0- 8/31/93
 /CONTACT: Fred W. DeBussey of Fitch, 212-908-0521/


CO: Citicorp ST: New York IN: FIN SU: RTG

SM -- NY013 -- 9294 08/31/93 09:51 EDT
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Publication:PR Newswire
Date:Aug 31, 1993
Words:192
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