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CITICORP $400 MILLION 8.00 PERCENT SUBORDINATED NOTES RATED 'A-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 20 /PRNewswire/ -- Citicorp's newly issued $400 million of 8.00 percent subordinated notes, due Feb. 1, 2003, is rated "A-" by Fitch. The credit trend is uncertain.
 Citicorp continues its focus on enhancing core earnings, building capital, and improving its asset quality as well as reserve coverage of nonperforming loans. The corporation's Tier I risk-adjusted capital ratio was 4.90 percent, very near the 5 percent level predicted for year-end 1993 in Fitch's May 1992 Citicorp report. Helping to achieve this goal was a $1.1 billion issue of preferred equity redemption cumulative stock (PERCS) in October. Further, by year-end 1993, the Tier I ratio could be in a range of 6 percent-6.25 percent as earnings, asset sales, and balance sheet realignment positively influence the ratio.
 Citicorp's earnings leverage has been materially enhanced by growth in its operating margin during the past 24 months. Continuance of this higher margin, coupled with expected lower credit costs resulting from better asset quality, will drive meaningful improvement in the corporation's profitability and earnings in 1993 and beyond.
 -0- 1/20/93
 /CONTACT: Fred W. DeBussey of Fitch, 212-908-0521/
 (CCI)


CO: Citicorp ST: New York IN: FIN SU: RTG

SM -- NY057 -- 6957 01/20/93 14:06 EST
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Publication:PR Newswire
Date:Jan 20, 1993
Words:208
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