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ITT FINANCIAL $100 MILLION 5 PERCENT NOTES RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

ITT FINANCIAL $100 MILLION 5 PERCENT NOTES RATED 'A+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 14 /PRNewswire/ -- ITT Financial Corp.'s $100 million 5 percent notes due Aug. 15, 1995, are rated 'A+' by Fitch.
 ITT Financial has experienced weak earnings for the past two years due to high chargeoffs in the consumer sector. Now, Fitch believes the deterioration in performance has slowed. However, earnings and profitability will stay well below historical standards at least through 1993 due to the overhang of nonperforming assets and the need to build reserves.
 Positive factors in the rating include a strong balance sheet and a formal support agreement from parent ITT Corp. This support agreement states that through July 31, 1993, ITT Corp. will continue to own ITT Financial, maintain ITT Financial's debt to equity ratio at or below 6.75 times, and make available $300 million to ITT Financial, if necessary, to meet its short-term debt obligations.
 -0- 8/14/92
 /CONTACT: Nancy E. Stroker, 212-908-0533 or Helene L. Moehlman, 212-908-0606, both of Fitch/
 (ITT) CO: ITT Financial Corp.; ITT Corp. ST: New York IN: FIN SU: RTG


AH -- NY066 -- 0117 08/14/92 15:26 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
Words:197
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