MERRILL LYNCH COMMENT ON FITCH RATINGS UPGRADES
MERRILL LYNCH COMMENT ON FITCH RATINGS UPGRADES NEW YORK, Nov. 3 /PRNewswire/ -- Merrill Lynch & Co., Inc.
(NYSE: MER) said today it has been notified that Fitch Investors Service, Inc., has upgraded the ratings of Merrill Lynch's senior debt to AA- from A+, and its preferred stock to A from A-.
Chairman William A. Schreyer and President and CEO Daniel P. Tully said in a statement: "We are extremely pleased with Fitch's upgrades, which reflect the continuing vitality of our business franchise and our strong profitability over the past seven quarters. "Consistent with our long-range strategy, we have steadily increased the percentage of more stable, fee-based revenues, we have effectively controlled costs, and we have in place a sophisticated system of risk management. All of these factors were considered by Fitch in its decision to upgrade the ratings of our senior debt and preferred stock." Merrill Lynch & Co., Inc. senior debt is now rated AA or AA- by four of the six "nationally recognized statistical rating organizations" designated as such by the Securities and Exchange Commission. -0- 11/3/92 /CONTACT: James Wiggins of Merrill Lynch, 212-449-7280/ (MER) CO: Merrill Lynch & Co., Inc. ST: New York IN: FIN SU: RTG
TS-KD -- NY014 -- 1963 11/03/92 09:55 EST
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|Date:||Nov 3, 1992|
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