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ROBERT J. GROSSMAN NAMED A FITCH EXECUTIVE VICE PRESIDENT -- FITCH FINANCIAL WIRE --

 ROBERT J. GROSSMAN NAMED A FITCH EXECUTIVE VICE PRESIDENT
 -- FITCH FINANCIAL WIRE --
 NEW YORK, June 30 /PRNewswire/ -- Robert J. Grossman is promoted to executive vice president, effective immediately, from managing director, structured finance, announced H. Russell Fraser, Fitch's chairman and president. He reports to the chairman.
 As head of the structured finance group, Grossman, 35, is also elevated to Fitch's executive committee, the company's senior policy- making body. Structured finance is Fitch's fastest growing sector, reflecting substantial issuance of new debt securities. Grossman has responsibility for asset-backed, mortgage-backed and letter-of-credit securities offered by most major financial institutions.
 Under his direction, Fitch's ratings of asset-backed debt rose to 70 percent market share in this year's first quarter, while mortgage- backed ratings climbed to 60 percent market share currently.
 Among new products, Fitch's asset-backed surveillance was created by Grossman's team as a service to investors. Available on Bloomberg and in hard copy, it attracts a wide following among key market makers. His group will soon unveil a new mortgage credit profile service to project foreclosure risk on new mortgage transactions.
 Grossman came to Fitch in 1989 from Standard & Poor's, where he was a senior vice president in the asset-backed securities group and developed criteria to rate debt backed by commercial and industrial loans and corporate bonds. Prior to that he analyzed money center and regional banks.
 He began his career at Chase Manhattan Bank after earning an MBA in finance and a BA in Near Eastern languages and literature from New York University where he was elected to Phi Beta Kappa. He lives with his wife Susan and children, David 5, and Miriam, 1.
 -0- 6/30/92
 /CONTACT: Stephen W. Joynt, 212-908-0530 or Byron D. Klapper, 212-908-0565, both of Fitch/ CO: Fitch Investors Service ST: New York IN: FIN SU: PER


LR -- NY037 -- 5101 06/30/92 10:32 EDT
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Publication:PR Newswire
Date:Jun 30, 1992
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