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SHAWMUT NATIONAL CORPORATION RATING IS UPGRADED BY BANKWATCH

 SHAWMUT NATIONAL CORPORATION RATING IS UPGRADED BY BANKWATCH
 HARTFORD, Conn., and BOSTON, Nov. 12 /PRNewswire/ -- Shawmut National Corporation (NYSE: SNC) said today that BankWatch had upgraded the credit rating of the corporation and its principal subsidiaries to "C" from "C/D."
 Joel B. Alvord, chairman and chief executive officer of Shawmut National, said, "We feel that this upgrading from BankWatch is an important confirmation of the fact that Shawmut's recovery is well underway. Problem loans are down, reserves remain strong and capital is up."
 BankWatch is an independent agency that rates the safety of bank obligations including certificates of deposit, demand deposits, debt and preferred equity securities.
 Shawmut National is a $22.1 billion bank holding company with 311 branches in Massachusetts, Connecticut and Rhode Island. Its principal subsidiaries are Boston-based Shawmut Bank and Hartford-based Connecticut National Bank. On Jan. 11, 1993, Connecticut National will change its name to Shawmut.
 -0- 11/12/92
 /CONTACT: Robert L. Guenther, 203-240-1267 (investor contact), or Thomas R. Rice, 203-728-4872 (media contact), both of Shawmut National Corporation/
 (SNC) CO: Shawmut National Corporation ST: Connecticut IN: FIN SU:


CH -- NE013 -- 0394 11/12/92 16:57 EST
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Publication:PR Newswire
Date:Nov 12, 1992
Words:192
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