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CHEMICAL BANKING $200 MIL 7.92 PERCENT PFD. STOCK RATED 'BBB+' BY FITCH --FITCH FINANCIAL WIRE--

CHEMICAL BANKING $200 MIL 7.92 PERCENT PFD. STOCK RATED 'BBB+' BY FITCH
 --FITCH FINANCIAL WIRE--
 NEW YORK, Sept. 10 /PRNewswire/ -- Chemical Banking Corp.'s (NYSE: CHL) newly issued $200 million of 7.92 percent cumulative preferred stock is rated 'BBB+' by Fitch. The credit trend is stable.
 The corporation sold eight million depository shares, each representing 1/4 share of Chemical's $100 cumulative preferred stock.
 The rating reflects strengthened core earnings enhanced by meaningful reductions in overhead costs, substantial liquidity at both the parent and banking subsidiaries, modest parent company double leverage, and improving asset quality measurements and higher reserve coverage of problem loans.
 -0- 9/10/92
 /CONTACT: Fred W. DeBussey of Fitch, 212-908-0521/
 (CHL) CO: Chemical Banking Corp. ST: New York IN: FIN SU: RTG


TM -- NY089 -- 8207 09/10/92 16:43 EDT
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Publication:PR Newswire
Date:Sep 10, 1992
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