DUFF & PHELPS: BANK OF BOSTON CORPORATION $300 MILLION SUBORDINATED NOTES RATED 'BBB'
CHICAGO, Jan. 7 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `BBB' (Triple-B) to Bank of Boston Corporation's $300 million issue of 6-5/8 percent subordinated notes due Feb. 1, 2004. This issue is non-callable and was priced at 99.48 to yield 6.696 percent. Duff & Phelps continues to rate Bank of Boston's senior debt `BBB+' (Triple-B Plus). The Duff & Phelps ratings reflect Bank of Boston's significant improvement in asset quality which continues to show steady, albeit slowing improvement. Earnings rather than non-performing asset trends have become critical in terms of rating direction. Management recognizes the need to address the company's core earning power which depends on external factors, the ability to achieve "acquisition gains" and generate revenues, and control expenses. -0- 1/7/94 /CONTACT: Charles J. Orabutt Jr., CPA, CFA of Duff & Phelps Credit Rating Co., 312-368-3153/ (BKB)
CO: Bank of Boston Corporation ST: Massachusetts IN: FIN SU: RTG
CK -- NY045 -- 0209 01/07/94 14:43 EST