DUFF & PHELPS: CHASE MANHATTAN CORPORATION $100 MILLION SUBORDINATED NOTES RATED 'BBB+'
CHICAGO, Oct. 12 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of "BBB+" (Triple-B-Plus) to Chase Manhattan Corp.'s $100 million offering of 6-1/8 percent subordinated notes. The noncallable notes were priced to yield 6.27 percent to maturity and are due Oct. 15, 2008. The rating recognizes the strengthening in Chase's overall financial condition as reflected by improvement in performance measures in all areas including earnings, asset quality, capitalization and liquidity. Further, during the second quarter Chase completed an equity offering which raised nearly $750 million. The improvement in underlying fundamentals and the equity offering resulted in an upgrade in ratings for the parent company and subsidiary bank in June 1993. -0- 10/12/93 /CONTACT: Charles J. Orabutt, Jr., CPA, CFA of Duff & Phelps Credit Rating Co., 312-368-3153/
CO: Chase Manhattan Corporation ST: New York IN: FIN SU: RTG
TS -- NY087 -- 1304 10/12/93 16:52 EDT