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PRUDENTIAL HOME MORTGAGE RECEIVES MOODY'S TOP COMMERCIAL PAPER RATING

 ST. LOUIS, Oct. 26 /PRNewswire/ -- Prudential Home Mortgage Company, Inc., one of the country's largest mortgage banks, said today that it received a Prime-1 (P-1) commercial paper rating from Moody's Investors Service. Earlier this month, Prudential Home Mortgage received an A-1 commercial paper rating and an A+ credit assessment rating from Standard & Poor's. The combination A-1/P-1 commercial paper ratings is the highest of any mortgage bank in the country, the company said.
 "We are pleased to have earned these ratings and plan to tap the commercial paper market in the near future. We anticipate growing our commercial paper program to the $2 to $3 billion range," said Rick Thornberry, chief financial officer at Prudential Home Mortgage. "These two ratings reaffirm the strength of our balance sheet, our ability to profitably grow and sustain originations and servicing, and the long- term support from our parent, The Prudential."
 The company's net income for the first half of 1993 was a record $67.5 million. Its net value added for the same period was $87 million. Net value added is considered a truer measure of the company's performance, said Thornberry, because it adjusts GAAP income to reflect changes in off-balance sheet servicing value. He also noted that Prudential Home Mortgage expects to originate more than $40 billion in mortgages and grow its servicing base from $43 to $70 billion this year.
 Prudential Home Mortgage is a subsidiary of Residential Services Corporation of America (RSCA), a unit of The Prudential Insurance Company of America. Both Prudential Home Mortgage and RSCA are headquartered in Clayton, Mo., a suburb of St. Louis. Prudential home Mortgage has major offices in Costa Mesa, Calif.; Edison, N.J.; Frederick, Md.; Minneapolis; Springfield, Ill.; and Westport, Conn.
 -0- 10/26/93
 /CONTACT: Bill Campbell of Principal Communications, 212-546-2664/


CO: Prudential Home Mortgage Company, Inc. ST: Missouri IN: FIN SU: RTG

CK-TA -- NY002 -- 6725 10/26/93 08:45 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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