NORWEST CORPORATION $200 MILLION SENIOR NOTES RATED 'AA-'
CHICAGO, March 8 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of AA-' (double A minus) to Norwest Corporation's $200 million offering of 6 percent senior notes. The notes were priced to yield 6.102 percent to maturity and are due March 15, 2000. The rating reflects the strong overall financial condition of Norwest Corporation including its excellent earnings, solid capitalization and strong asset quality. Norwest's superior performance is reflected in its fourth quarter results. Net income was $138 million which equaled a return on assets of 1.30 percent. Earnings continue to benefit from a large net interest margin and strong noninterest income generation. Full year earnings before accounting changes totaled $518 million, 1.28 percent ROA, up 23 percent from $422 million, 1.11 percent. Asset quality measures rank at or near the top of Norwest's peer group. Nonperforming assets equaled a very low .99 percent of loans and other real estate owned at Dec. 31, 1992, compared to 1.27 percent and 1.85 percent, three months and 12 months earlier, respectively. Loan loss reserves are very strong at 2.69 percent of loans and 397 percent of non-performing loans. Capital measures are adequate with stockholders' equity equaling 6.9 percent of assets at year-end 1992 while the tier 1 capital ratio was 10.37 percent. Norwest Corporation is a $44.6 billion company providing banking, insurance, investments and other financial services through 1,946 offices in all 50 states and all 10 Canadian provinces. -0- 3/8/93 /CONTACT: Charles J. Orabutt, Jr., CPA of Duff & Phelps Credit Rating Co., 312-368-3153/ (NOB)
CO: Norwest Corporation ST: Minnesota IN: FIN SU: RTG
PS -- NY048 -- 3984 03/08/93 11:52 EST
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|Date:||Mar 8, 1993|
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