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ITT FINANCIAL CREDIT TREND UPGRADED TO STABLE BY FITCH -- FITCH FINANCIAL WIRE --

 ITT FINANCIAL CREDIT TREND UPGRADED TO STABLE BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, May 4 /PRNewswire/ -- ITT Financial Corp.'s credit trend is changed to 'stable' from 'declining' by Fitch. All of the company's outstanding ratings are affirmed: senior debt at 'A+', subordinated debt at 'A' and commercial paper at 'F-1'.
 The credit trend is an assessment of the company's fundamental operating outlook over the coming year. ITT Financial has experienced weak earnings for the past two years due to high chargeoffs in the consumer sector. With delinquencies finally starting to come down and chargeoffs having been at such high levels for so long, Fitch believes that the deterioration in performance has stopped.
 However, earnings and profitability will stay well below historical standards at least through 1993 due to the overhang of nonperforming commercial assets and the need to build reserves. A strong balance sheet and support from parent ITT Corp. mitigates the weak performance and accounts for the maintenance of the ratings.
 -0- 5/4/92
 /CONTACT: Nancy E. Stroker, CFA of Fitch, 212-908-0533/ CO: ITT Financial Corp. ST: Missouri IN: FIN SU: RTG


PS -- NY107 -- 6232 05/04/92 17:03 EDT
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Publication:PR Newswire
Date:May 4, 1992
Words:195
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