DUFF & PHELPS: CITICORP $350 MILLION PERPETUAL PREFERRED STOCK RATED 'BBB-'
CHICAGO, Aug. 31 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `BBB-' (triple B minus) to Citicorp's $350 million offering of non-cumulative depositary preferred stock. The 14 million shares were offered at $25 million and were priced to yield 7.5 percent. The shares are not callable for five years. The credit trend for Citicorp is positive. Citicorp has taken aggressive steps to rebuild capital, reduce expense levels, exit or downsize less attractive businesses, and reconfigure the operating and management structure of the organization. Further, asset quality has shown improvement and loan loss reserves have been strengthened. Importantly, operating margin continues to improve while credit costs in general continue to decline, which will positively affect future earnings as more operating margin revenues reach the bottom line. -0- 8/31/93 /CONTACT: Charles J. Orabutt, CFA of Duff & Phelps Credit Rating Co., 312-368-3153/ (CCI)
CO: Citicorp ST: Illinois, New York IN: FIN SU: RTG
SH -- NY035 -- 7503 08/31/93 12:26 EDT
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|Date:||Aug 31, 1993|
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