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GREYHOUND FINANCIAL $125 MILLION 8.5 PERCENT SENIOR NOTES RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 GREYHOUND FINANCIAL $125 MILLION 8.5 PERCENT SENIOR NOTES
 RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Feb. 12 /PRNewswire/ -- Greyhound Financial Corp.'s (GFC) $125 million 8.50 percent senior notes due Feb. 15, 1999, are rated 'A' by Fitch. The credit trend is stable.
 The 'A' rating reflects GFC's strong asset quality as demonstrated by its resilience during the current recession. The maintenance of a diversified but well-focused portfolio and adherence to tight underwriting standards, as well as excellent account monitoring processes have insulated GFC from typical recession-related asset quality deterioration. Net charge-offs have remained well under control, staying in the 0.33 percent range for the past three years. Profitability remains consistent due to excellent expense control and moderate provisioning. The balance sheet is solid, benefiting from strong asset quality as well as management's conservative funding practices.
 On Nov. 21, the board of directors of The Dial Corp, GFC's parent, authorized a major corporate restructuring which effectively spins off Dial's financial services businesses to its shareholders. This tax-free transaction received Securities and Exchange Commission approval on Feb. 5 and is still subject to shareholder approval. Upon completion of the spin-off, GFC Financial Corp. with $2.5 billion in assets, will be the parent company for Dial's three financial services companies: Greyhound Financial, Greyhound European Financial Group, and Verex Corp., a mortgage insurer. Under the new corporate structure, Greyhound Financial will assume the European operations, represent 87 percent of total GFC Financial assets and continue to be the issuing entity for the new organization.
 -0- 2/12/92
 /CONTACT: Valerie Gerard of Fitch, 212-908-0500/
 (DL) CO: Greyhound Financial Corp. ST: IN: FIN SU: RTG


CK -- NY080 -- 9321 02/12/92 14:29 EST
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Publication:PR Newswire
Date:Feb 12, 1992
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