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DELPHI FINANCIAL GROUP PROPOSED SENIOR NOTES RAISED TO 'BBB-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Oct. 4 /PRNewswire/ -- Delphi Financial Group, Inc.'s $85 million proposed senior notes due 2003 are raised to "BBB-" from "BB+" and removed from FitchAlert. The upgrade reflects Delphi's improved financial position in light of its class A common stock offering of 2.5 million shares. That offering, announced last Friday, raised $31.35 million in new capital. The credit trend is stable.
 Proceeds from the equity offering, along with those of the $85 million senior notes, will redeem all $87.8 million of Delphi's outstanding 11.75 percent senior subordinated debentures and reduce outstanding borrowings under its bank credit facility. On a pro forma basis, including the combined effects of the recapitalization plan, total capitalization through Aug. 31, 1993, increased to $184.3 million from $151.0 million at June 30, 1993, and debt to capitalization declined to 45 percent from 52 percent over the same period. Fitch anticipates 1993 pro forma interest coverage, excluding income from realized capital gains, will increase to over 4.0 times (x) from 1.9x at year-end 1992.
 Delphi Financial Group is an insurance holding company whose primary operating subsidiary is Reliance Standard Life Insurance Co. (RSLIC), a successful niche writer of group life and disability insurance for medium-size employers. The company also writes annuities and a modest volume of individual business. RSLIC is one of the 10 leading insurers of group income disability products in the nation.
 -0- 10/4/93
 /CONTACT: Laurance M. Ring, 212-908-0673, or Lygia X. Campbell, 212-908-0695, both of Fitch/
 (DLFI)


CO: Delphi Financial Group, Inc. ST: Delaware IN: INS FIN SU: RTG

TW -- NY085 -- 8471 10/04/93 15:26 EDT
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Publication:PR Newswire
Date:Oct 4, 1993
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