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CHEMICAL BANKING CORPORATION $200 MILLION 7.58 PERCENT PREFERRED STOCK RATED 'BBB' BY DUFF & PHELPS

 CHICAGO, March 18 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `BBB' (triple B) to Chemical Banking Corporation's $200 million offering of 7.58 percent preferred stock. Each of the depositary shares represents ownership of one quarter of a share of 7.58 percent cumulative preferred stock, $100 stated value per share.
 The rating reflects Chemical's significantly enhanced earnings power, strengthened balance sheet measures, and improved competitive position. Earnings have benefited from an expansion in net interest margin, growth in noninterest income, and importantly, realization of expense savings from the merger with Manufacturers Hanover Corporation. While asset quality measures have lagged the improvement in other performance measures to date, fourth quarter developments were encouraging. Capital measures have improved due to the issuance of equity and retention of earnings.
 Chemical Banking Corporation ranked as the third largest U.S. bank holding company at Dec. 31, 1992, with total assets of $140 billion.
 -0- 3/18/93
 /CONTACT: Charles J. Orabutt, Jr. of Duff & Phelps Credit Rating Co., 312-368-3153/
 (CHL)


CO: Chemical Banking Corporation ST: New York IN: FIN SU: RTG

SM -- NY075 -- 7605 03/18/93 16:02 EST
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Publication:PR Newswire
Date:Mar 18, 1993
Words:191
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