Printer Friendly

DUFF & PHELPS: BANK OF HAWAII $125 MILLION SUBORDINATED NOTES RATED AA-

 CHICAGO, May 27 /PRNewswire/ -- Duff & Phelps Credit Rating Co. announced today that it has assigned a rating of "AA-" (Double A Minus) to Bank of Hawaii's $125 million 6 7/8 percent subordinated note offering. The noncallable issue was priced to yield 6.93 percent to maturity and is due June 1, 2003.
 The rating reflects the overall strong financial condition of the organization. Bancorp Hawaii has one of the most consistent track records in the industry characterized by excellent asset quality, above average capitalization, a strong funding base, and high quality earnings. Bancorp Hawaii reported first quarter 1993 earnings of $33 million, 1.06 percent return on assets, compared to $30.6 million, 1.08 percent (before accounting change) in 1992. While Bancorp Hawaii's solid track record remains intact, asset quality deteriorated somewhat in 1992, due mainly to one large credit which was negatively affected by an arbitration decision regarding lease rental payments. Despite the uptick in non-performers, asset quality measures remain much better than industry averages with non-performing assets equaling 1.35 percent of loans and other Real Estate Owned at March 31, 1993.
 Bancorp Hawaii is Hawaii's largest financial institution. The market is dominated by a relatively small number of healthy institutions which has resulted in a rational marketplace, unlike many mainland markets. Bancorp Hawaii has diversified geographically and product- wise. It owns the island's largest trust company and recently acquired a major competitor. Bancorp Hawaii has established a presence in many high growth Pacific Rim markets including Singapore, Hong Kong, Guam, Seoul and Taipei. Relationships with large U.S. mainland corporations with interests in the Pacific provide further diversification.
 -0- 5/27/93
 /CONTACT: Charles J. Orabutt, Jr., CPA of Duff & Phelps Credit Co., 312-368-3153/
 (BOH)


CO: Bank of Hawaii ST: Hawaii IN: FIN SU: RTG

TS -- NY048 -- 2908 05/27/93 11:31 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 27, 1993
Words:309
Previous Article:BANKAMERICA'S $350 MILLION 6.875 PERCENT SUBORDINATED NOTES RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:TACA INTERNATIONAL RECEIVES ITS FIRST BOEING 767-300ER
Topics:


Related Articles
DUFF & PHELPS: NATIONAL CITY BANK (CLEVELAND) $125 MILLION SUBORDINATED NOTES RATED 'AA-', (COLUMBUS) $75 MILLION SUBORDINATED NOTES RATED 'A+'
DUFF & PHELPS: NATIONAL CITY BANK, COLUMBUS AND NATIONAL BANK, KENTUCKY - LOUISVILLE RATINGS UPGRADED
CONTINENTAL BANKRATINGS ADDED TO RATING WATCH-UP; BANKAMERICA CORPORATION RATINGS REAFFIRMED
KEYCORP DEBT RATINGS UPGRADED BY DUFF & PHELPS
DUFF & PHELPS: REPUBLIC NEW YORK CORPORATION CREDIT RATINGS UPGRADED
DUFF & PHELPS: SHAWMUT BANK CONNECTICUT $250 MILLION SUBORDINATED NOTES RATED 'BBB+'
DUFF & PHELPS: BANKERS TRUST NEW YORK CORPORATION & BANKERS TRUST COMPANY SENIOR DEBT, SUBORDINATED DEBT & PREFERRED STOCK RATINGS LOWERED
DCR Assigns Ratings to Banco Santiago's Long-Term Subordinated Obligations
DCR Rates National City Bank's Subordinated Notes 'AA-'.
DCR Assigns Initial Rating to Deutsche Bank of 'AA'; Upgrades Bankers Trust to 'AA-'.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters