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MERRILL LYNCH $250 MILLION NOTES RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 13 /PRNewswire/ -- Merrill Lynch & Co.'s $250 million 7 percent senior notes due April 27, 2008 are rated 'AA-' by Fitch. The credit trend is stable.
 The ratings reflect increased evidence of improving credit strength due to a more stable revenue base with increased fee income, tighter expense control despite expanding business volumes, reduced principal risk taking activities, and more tightly controlled credit and market risk positions.
 The company continues to report strong earnings across all business lines. The company's 1992 net earnings were a record $893.8 million, including $85.6 million of accounting changes. Record earnings in 1992 represented a 28.4 percent increase from 1991's record earnings. First quarter 1993's net earnings were also a record at $342 million, up 57 percent from a year ago. While earnings are not necessarily sustainable at these levels, they should be better protected from market activity declines.
 Merrill Lynch continues to maintain substantial liquidity at the parent company as well as its operating subsidiaries. Term funding maturities have been lengthened and liquidity is well managed while leverage has been controlled.
 -0- 04/13/93
 /CONTACT: Teri L. Seelig, 212-908-0638, or Nancy E. Stroker, CFA, 212-908-0533, both of Fitch/
 (MER)


CO: Merrill Lynch & Co. ST: New York IN: FIN SU: RTG

AH -- NY073 -- 5320 04/13/93 15:26 EDT
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Publication:PR Newswire
Date:Apr 13, 1993
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