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REPUBLIC NEW YORK $150 MILLION SUBORDINATED NOTES RATED

REPUBLIC NEW YORK $150 MILLION SUBORDINATED NOTES RATED AA-' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Nov. 11 /PRNewswire/ -- Republic New York Corp.'s newly issued $150 million of 8.25 percent subordinated notes due Nov. 1, 2001 are rated "AA-" by Fitch, it was announced today.
 Earnings and profitability continued to improve for Republic during 1991's third quarter. Net income of $58.1 million was 6.2 percent above the third quarter of 1990. Republic's annualized return on average assets was .76 percent vs. .66 percent, respectively. In addition to higher earnings, profitability was enhanced by the 4 percent decline in average total assets.
 Republic's nonperforming asset ratio stood at 3.90 percent as of September 30. While this ratio was above the year earlier period, the corporation's strong reserve for losses covered total nonperforming assets by 130 percent and was equal to 175 percent of problem loans. Both percentages are well above peers. In addition, direct loans represent only 18 percent of total assets, as compared to 65-70 percent for most U.S. banking companies. This low level of aggregate loans greatly inflates the nonperforming asset ratio.
 The corporation's risk adjusted capital ratios remain near the highest among major U.S. banking companies.
 -0- 11/6/91
 /CONTACT: Fred W. DeBussey of Fitch, 212-908-0521/
 (RNB) CO: Republic New York Corporation ST: New York IN: FIN SU: RTG TS -- NY045 -- 1698 11/06/91 12:17 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 6, 1991
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