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CHEMICAL BANKING $4.1 BILLION SENIOR DEBT 'A' BY FITCH AFTER STOCK ISSUE -- FITCH FINANCIAL WIRE --

CHEMICAL BANKING $4.1 BILLION SENIOR DEBT 'A' BY FITCH AFTER STOCK ISSUE
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Jan. 22 /PRNewswire/ -- Chemical Banking Corp.'s $4.1 billion senior debt is rated 'A' by Fitch. Coinciding with the completion of the corporation's $1.3 billion common stock offering, and as outlined in Fitch's Jan. 9 press release, ratings on Chemical Banking Corp. and Manufacturers Hanover Corp. are removed from FitchAlert positive, where they were placed July 22, 1991.
 The senior debt rating for Chemical Banking, formed by the merger of the former Manufacturers Hanover with Chemical on Dec. 31, represents an increase over the 'BBB+' rating previously assigned to Chemical Banking Corp. as well as the 'A-' senior debt rating for Manufacturers Hanover.
 The new corporation's commercial paper is rated 'F-1' and the subordinated debt and preferred stock are rated 'A-' and 'BBB+', respectively. The former senior and subordinated debt and preferred stock of Manufacturers Hanover have been assumed by Chemical.
 While the parent holding companies have merged, the primary bank subsidiaries, Chemical Bank and Manufacturers Hanover Trust Co., will retain separate bank charters until they are joined in mid-1992 under the name Chemical Bank. Until then, the banks' long- and short-term certificates of deposit, deposit notes, and letters of credit are rated 'A/F-1'.
 The new ratings reflect improved consolidated capital ratios, 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- 1/22/92
 /CONTACT: Fred W. DeBussey of Fitch, 212-908-0521/
 (CHL) CO: Chemical Banking Corp. ST: New York IN: FIN SU: RTG KD -- NY030 -- 2157 01/22/92 10:10 EST
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Date:Jan 22, 1992
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