Printer Friendly

CHASE MANHATTAN $300 MIL IN SUBORDINATED NOTES RATED 'BBB+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 10 /PRNewswire/ -- Chase Manhattan Corp.'s (NYSE: CMB) new issues of $200 million 6 3/4 percent subordinated notes due Aug. 15, 2008 and $100 million floating-rate subordinate euro medium-term notes, series B, 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 workout philosophy for its troubled real estate portfolio. The move is a right step for the corporation and melds well with its strategic focus.
 In addition to these actions, and equally important, is Chase's underlying trend of gradually improving core franchise earnings established over the past 10 quarters.
 -0- 8/10/93
 /CONTACT: Fred W. DeBussey of Fitch, 212-908-0521/
 (CMB)


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

TM -- NY090 -- 1386 08/10/93 17:19 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 10, 1993
Words:168
Previous Article:BOUCHARD TRANSPORTATION COOPERATING IN CLEAN-UP IN TAMPA, FLORIDA
Next Article:DISCOUNT CORPORATION STOCKHOLDERS APPROVE MERGER WITH ZIONS FIRST NATIONAL BANK
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters