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SHAWMUT NATIONAL CORPORATION RATINGS UPGRADED BY MOODY'S & THOMSON BANKWATCH

 HARTFORD, Conn., and BOSTON, Nov. 12 /PRNewswire/ -- Shawmut National Corporation (NYSE: SNC) announced today that Moody's Investors Service and Thomson BankWatch had upgraded their ratings on the obligations of the corporation and its subsidiary banks. The upgrades apply to approximately $3.4 billion of short- and long-term obligations.
 Joel B. Alvord, chairman and chief executive officer, commented on the actions by the ratings agencies: "These upgrades recognize the superior strength of our franchise, our earnings rebound, and the fact that asset quality today is not a significant issue for Shawmut. Looking ahead, we intend to deliver on our previously-announced plan to place Shawmut among the top-performing regional banks through expense reduction, revenue enhancements, and acquisitions."
 The Moody's action upgraded the ratings on Shawmut senior debt to Baa1 from Baa3 and on subordinated debt to Baa2 from Ba1. The BankWatch action upgraded Shawmut's issuer rating to B/C from C.
 Shawmut is a $27 billion bank holding company with dual headquarters in Boston and Hartford.
 -0- 11/12/93
 /CONTACT: Robert L. Guenther, 203-240-1267,(media), or Thomas R. Rice,(investor), 203-728-4872, both of Shawmut National Corp./
 (SNC)


CO: Shawmut National Corporation; Moody's Investors Service; Thomson
 BankWatch ST: Massachusetts, Connecticut IN: FIN SU:


JL -- NE016 -- 3760 11/12/93 14:19 EST
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Publication:PR Newswire
Date:Nov 12, 1993
Words:210
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