DUFF & PHELPS: BANKAMERICA CORPORATION $150 MILLION SUBORDINATED NOTES RATED 'A-'
CHICAGO, Aug. 11 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `A-' (single A minus) to BankAmerica Corporation's offering of $150 million of floating rate subordinated notes. The non- callable notes will pay and float quarterly five basis points above the three-month London Interbank Offered Rate (LIBOR). The notes are due Aug. 15, 2003. The rating reflects the strong profitability of BankAmerica, its ability to generate substantial amounts of capital internally through retained earnings, the strong position within the California marketplace resulting from its acquisition of Security Pacific, and improving asset quality measures. BankAmerica reported first quarter net income of $488 million which equaled a return on assets of 1.06 percent, compared with $240 million, .57 percent, in 1992. Results in 1992 included merger related restructuring charges and other non- recurring items. Balance sheet measures continue to show improvement as the Tier 1 risk-based capital ratio increased to 6.90 percent at mid- year 1993 compared with 6.55 percent and 6.20 percent, three months and 12 months earlier, respectively. Asset quality has also improved with non-performing assets down approximately $1 billion or 17 percent over the one year period ended June 30, 1993. -0- 8/11/93 /CONTACT: Charles J. Orabutt Jr., CPA of Duff & Phelps Credit Rating Co., 312-368-3153/ (BAC)
CO: BankAmerica Corporation ST: California IN: FIN SU: RTG
WB -- NY064 -- 1700 08/11/93 12:49 EDT
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|Date:||Aug 11, 1993|
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