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AFCO COMMERCIAL PAPER ON FITCHALERT EVOLVING AFTER ANNOUNCEMENT OF SALE TO MELLON -- FITCH FINANCIAL WIRE

 NEW YORK, May 19 /PRNewswire/ -- Afco Credit Corp.'s 'F-1' commercial paper is placed on FitchAlert with evolving implications. The action follows the announcement that Mellon Bank Corp. signed a letter of intent to purchase Afco from Continental Corp. Afco's commercial paper program totals $1.1 billion, with $741 million outstanding at March 31, 1993.
 Fitch will evaluate Afco's pro forma balance sheet, legal, and operating structures under Mellon's new ownership as details become available. The transaction is expected to close in fourth-quarter 1993.
 Afco is the largest commercial property and casualty insurance premium finance company, with $3.5 billion of premiums financed 1992. At March 31, 1993, Afco recorded $146 million in total equity.
 -0- 5/19/93
 /CONTACT: Helene L. Moehlman, CFA, 212-908-0606, or Nancy E. Stroker, CFA, 212-908-0533, both of Fitch/


CO: Afco Credit Corp. ST: IN: INS SU: RTG

PS -- NY050 -- 0287 05/19/93 12:03 EDT
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Publication:PR Newswire
Date:May 19, 1993
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