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SMITH BARNEY SHEARSON HOLDINGS $750 MILLION SENIOR SHELF RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Oct. 20 /PRNewswire/ -- Smith Barney Shearson Holdings Inc.'s $750 million senior debt shelf is rated "A+" by Fitch. Proceeds will be used for general corporate purposes. The credit trend is improving.
 The company is owned by Primerica Corp. and its primary operating subsidiary is Smith Barney Shearson Inc., a financial services company. Fitch rates Smith Barney Shearson Inc.'s commercial paper "F-1" and Primerica's senior debt "A+," commercial paper "F-1," and preferred stock "A," with an improving credit trend.
 In July 1993, the company acquired the domestic retail brokerage and asset management businesses of Shearson Lehman Brothers Inc., changing its name to Smith Barney Shearson Inc. from Smith Barney, Harris Upham & Co., Inc. On a pro-forma combined basis, the company had roughly $2 billion of equity compared to $983.6 million for Smith Barney as of June 30, 1993. Leverage remains low, with assets less resales to equity at 7.34 times. For 1993's six months ended June 30, Smith Barney Shearson Holdings Inc.'s net income on a pro-forma basis was roughly $215.1 million. For the third quarter, Smith Barney Shearson earned $118.8 million, which includes two-month earnings from the former Shearson.
 Smith Barney Shearson's strong retail brokerage operation is complemented with profitable and highly focused institutional activities. Risk taking principal activities remain limited.
 -0- 10/29/93
 /CONTACT: Nancy E. Stroker, CFA, 212-908-0533, or Teri L. Seelig, 212-908-0638, both of Fitch/
 (PA)


CO: Smith Barney Shearson Holdings Inc. ST: New York IN: FIN SU: RTG

TW -- NY082 -- 4681 10/20/93 14:52 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
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