DUFF & PHELPS: CHASE MANHATTAN CORPORATION $200 MILLION SUBORDINATED NOTES RATED 'BBB+'
CHICAGO, July 21 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `BBB+' (triple B plus) to Chase Manhattan Corporation's $200 million offering of 6.50 percent subordinated notes. The noncallable notes were priced to yield 6.639 percent to maturity and are due Aug. 11, 2005. 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. This additional equity provides the wherewithal to complete the accelerated asset disposition program announced during the first quarter, which consists of $2.0 billion of domestic commercial real estate, while maintaining the ability to take advantage of growth opportunities in selected lines of business. Chase Manhattan Corporation reported total assets of $99 billion at June 30, 1993, and ranks among the largest U.S. bank holding companies. -0- 7/21/93 /CONTACT: Charles J. Orabutt, Jr., CPA, of Duff & Phelps Credit Rating Co., 312-368-3153/ (CMB)
CO: Chase Manhattan Corporation ST: New York IN: FIN SU: RTG
MP -- NY086 -- 4073 07/21/93 15:08 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jul 21, 1993|
|Previous Article:||DRS INDUSTRIES REPORTS JUNE SALES AT FAMILY BARGAIN CENTER|
|Next Article:||SOUTHWEST NATIONAL CORPORATION REPORTS EARNINGS|