DUFF & PHELPS RATES MERRILL LYNCH NOTES 'AA-'
CHICAGO, April 14 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `AA-' (Double-A-Minus) to Merrill Lynch's $250 million issue of 7 percent notes due April 27, 2008. This rating is the same as that assigned to Merrill Lynch's outstanding senior debt. Merrill Lynch returned to strong profitability the past two years, and we expect profitability measures will remain solid going forward. Earnings for the first quarter of 1993 advanced 24 percent (relative to year-earlier earnings before effect of accounting change), to a record $342 million, reflecting continued favorable market conditions as well as ongoing emphasis on cost control and risk management. Merrill Lynch's diversification and leadership position within the securities industry are important positives. In addition, the asset base is high quality and very liquid, and leverage is reasonable. -0- 4/14/93 /CONTACT: Philip M. Zahn, CFA of Duff & Phelps Credit Rating Co., 312-368-3154/ (MER)
CO: Merrill Lynch ST: New York IN: FIN SU: RTG
KD -- NY035 -- 5617 04/14/93 10:37 EDT
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|Date:||Apr 14, 1993|
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