DUFF & PHELPS: COMERICA BANK $150 MILLION SUBORDINATED NOTES RATED 'A+'
CHICAGO, Nov. 29 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `A+' (Single-A-Plus) to Comerica Bank's $150 million 7-1/8 percent subordinated bank note issue. The 20-year notes will be non-callable notes for 15 years and were priced to yield 7.183 percent to maturity and are due Dec. 1, 2013. The rating reflects the bank's strong profitability and solid financial position. The rating also recognizes the conservative credit culture within the organization which enabled Comerica to avoid many of the problems experienced by industry peers during the 1989-1991 period. The bank's balance sheet is characterized by excellent asset quality, large loan loss reserves, and solid capital ratios. Non- performing assets equaled 1.07 percent of loans and other real estate owned at Sept. 30, 1993, while loan loss reserves were 1.57 percent of loans and 183 percent of non-accrual loans. Stockholders' equity equaled 7.13 percent of assets at the close of the third quarter and the regulatory leverage ratio equaled 7.42 percent. Profitability is also above average with the bank reporting a 1.37 percent return on assets for the first nine months of 1993. Comerica Bank, which merged with Manufacturers National Bank of Detroit effective Sept. 14, 1992, represents approximately 82 percent of the consolidated assets of Comerica Inc. Comerica Inc., merged with Manufacturers National Corporation on June 18, 1992, creating the second largest bank holding company in Michigan. Comerica Inc., reported total assets of $28.5 billion at Sept. 30, 1993. -0- 11/29/93 /CONTACT: Charles J. Orabutt Jr., CPA, CFA of Duff & Phelps Credit Rating Co., 312-368-3153/ (CMA)
CO: Comerica Bank ST: Michigan IN: FIN SU: RTG
CK -- NY090 -- 8455 11/29/93 17:09 EST
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|Date:||Nov 29, 1993|
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