DUFF & PHELPS: COMERICA BANK, COMERICA BANK-ILLINOIS BANK NOTE PROGRAM RATED DUFF 1+/'AA-'
CHICAGO, Nov. 19 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned ratings to the bank note program of Comerica Bank (Detroit) and Comerica Bank-Illinois. Notes issued with a maturity of under one year are assigned a rating of Duff 1+ (one plus) and those notes with a maturity in excess of one year are rated `AA-' (Double-A-Minus). These are the initial ratings assigned by Duff & Phelps to Comerica Bank-Illinois' liabilities. Duff & Phelps Credit Rating Co. already rates the short- and long-term obligations of the Detroit bank. The Comerica Bank-Illinois rating reflects significant improvement in operating fundamentals as profitability has improved, problem loans have declined, and capital ratios have strengthened. The rating also reflects the support of Comerica Inc., a strong regional bank holding company. Comerica Bank (Detroit) has an enviable track record of very strong performance with above average profitability and balance sheet strength. Comerica Bank-Illinois reported total assets of $1.4 billion at June 30, 1993, compared with $22.3 billion for Comerica Bank (Detroit). This represented 5 percent and 81 percent, respectively, of the consolidated assets of Comerica, Inc. -0- 11/19/93 /CONTACT: Charles J. Orabutt Jr., CPA, CFA of Duff & Phelps Credit Rating Co., 312-368-3153/ (CMA)
CO: Comerica Bank (Detroit); Comerica Bank-Illinois ST: Michigan, Illinois IN: FIN SU: RTG
CK -- NY077 -- 4492 11/19/93 16:47 EST
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|Date:||Nov 19, 1993|
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