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FLEET FINANCIAL $150 MILLION 6-7/8 PERCENT SUBORDINATED NOTES RATED 'A-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Feb. 23 /PRNewswire/ -- Fleet Financial Group, Inc.'s newly issued $150 million of 6-7/8 percent subordinated notes, due March 1, 2003 are rated A-' by Fitch. The credit trend is improving.
 Fleet's capital ratios, which grew during 1992, have been further bolstered by a recent issue of new common equity which added approximately $391 million to total equity. This represents a 13 percent increase over the year end 1992 equity base. A portion of the new equity could be used to repurchase existing preferred stock.
 Fleet's consolidated asset quality measurements showed substantial progress during 1992. At year end, Fleet's nonperforming asset ratio was 3.68 percent, a decline of more than 200 basis points from the end of 1991. Reserve coverage of nonaccrual loans was in excess of 100 percent as of Dec. 31, 1992, a sharp improvement from the 64 percent of a year earlier.
 -0- 2/23/93
 /CONTACT: Fred W. DeBussey of Fitch, 212-908-0521/
 (FLT)


CO: Fleet Financial Group, Inc. ST: Rhode Island IN: FIN SU: RTG

WB -- NY063 -- 9446 02/23/93 13:16 EST
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Publication:PR Newswire
Date:Feb 23, 1993
Words:182
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