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DOMINION BANKSHARES SENIOR DEBT RATING RAISED BY FITCH, TO BE WITHDRAWN -- FITCH FINANCIAL WIRE --

 NEW YORK, March 2 /PRNewswire/ -- Dominion Bankshares Corp.'s senior debt rating is raised to 'A' from 'BBB-' by Fitch, following yesterday's acquisition of Dominion by First Union Corp. Fitch's rating on Dominion's $8.5 million of 7.75 percent debentures due 1996 is removed from FitchAlert, where it was placed with positive implications on Sept. 22, 1992. The rating will be withdrawn upon redemption of the issue on March 8.
 First Union Corp.'s 'A' senior debt and First Union National Bank's 'A+/F-1+' structured transaction ratings remain on FitchAlert, where they were placed with negative implications following the Sept. 21 announcement of plans to acquire the $8.8 billion Virginia banking company. In addition to the Dominion transaction, First Union completed three other acquisitions with assets totalling $4.7 billion since year- end 1992. It is also slated to acquire the $4.5 billion Georgia Federal Bank FSB in May, and announced plans on Friday to purchase $4.6 billion in assets of First American Bankshares' Maryland, Virginia, and Washington, D.C. operations in 1993's third quarter.
 Fitch will continue to review the impact of First Union's pending acquisitions on the company's overall financial condition.
 -0- 03/02/93
 /CONTACT: Christopher M. Siedman, 212-908-0524, or Scott J. O'Donnell, 212-908-0531, both of Fitch/
 (DMBK)


CO: Dominion Bankshares Corp. ST: Virginia IN: FIN SU: RTG

AH -- NY103 -- 2126 03/02/93 16:25 EST
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Publication:PR Newswire
Date:Mar 2, 1993
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