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CHASE MANHATTAN $150 MILLION SUBORDINATED NOTES RATED 'BBB+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 8 /PRNewswire/ -- Chase Manhattan Corp.'s newly issued $150 million subordinated floating rate notes due July 15, 2003 are rated "BBB+" by Fitch. The credit trend is improving.
 Chase's ratings were upgraded in June, reflecting the corporation's sale of approximately $740 million of new common equity and its previously announced decision to segregate approximately $2 billion in book value of commercial real estate. This represented a significant change in Chase's work-out philosophy for its troubled real estate portfolio. The move is a right step for the corporation and melds well with the its strategic focus.
 In addition to these actions, and equally important, is Chase's underlying trend of the gradually improving core, franchise earnings, established over the past ten quarters.
 The interest rate on these notes will float at 12.5 basis points above 3-month LIBOR. The initial coupon and floor is 4.35 percent.
 -0- 7/8/93
 /CONTACT: Fred W. DeBussey of Fitch, 212-908-0521/
 (CMB)


CO: Chase Manhattan Corp. ST: New York IN: FIN SU: RTG

SM-MG -- NY072 -- 9561 07/08/93 14:00 EDT
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Publication:PR Newswire
Date:Jul 8, 1993
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