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DEERE & CO. $200 MILLION 8.5 PERCENT SENIOR DEBENTURES RATED 'A' -- FITCH FINANCIAL WIRE --

 DEERE & CO. $200 MILLION 8.5 PERCENT SENIOR DEBENTURES RATED 'A'
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Jan. 3 /PRNewswire/ -- Deere & Co.'s $200 million 8.5 percent senior debentures due 2022 are rated "A" by Fitch. The credit trend is stable.
 Deere recently reported fiscal 1991 results which showed weakness in its equipment markets, highlighted by a 17 percent drop in production tonnage and a 14 percent drop in equipment sales from fiscal 1990 levels. The company also incurred an after-tax restructuring charge of $120 million to facilitate employment reductions and a plant closing.
 Deere's business environment remains weak and a recovery appear uncertain for the first half of fiscal 1992. However, Fitch is confident about the company's prospects as Deere's competitive position remains strong. The company continues to fund substantial research & development and capital programs which have enabled Deere to establish efficient manufacturing operations and produce innovative new product.
 Deere & Co., based in Moline, Ill., manufactures and distributes farm equipment (69 percent of fiscal 1990 sales), industrial equipment (17 percent), and lawn and grounds care equipment (14 percent). It also finances this equipment and provides credit, insurance, and health care services.
 -0- 1/3/92
 /CONTACT: Donald H. Powell of Fitch, 212-908-0570/
 (DE) CO: Deere & Co. ST: Illinois IN: MAC SU: RTG


TS -- NY023 -- 6455 01/03/92 10:58 EST
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Publication:PR Newswire
Date:Jan 3, 1992
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