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THE BANK OF NEW YORK DEBT RATINGS RAISED BY DUFF & PHELPS

 CHICAGO, Aug. 2 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has upgraded the debt ratings of The Bank of New York Company Inc. ("BK") (NYSE: BK) and its major subsidiary bank, The Bank of New York (BONY). BK's senior debt has been raised to `A-' (single-A) from `A-' (single-A- minus), subordinated debt to `A-' (single-A-minus) from `BBB+' (triple- B-plus), and preferred stock to `BBB+' (triple-B-plus) from `BBB' (triple-B); and the commercial paper rating has been raised to Duff 1 from Duff 1-. The long-term senior rating of BONY was raised to `A+' (single-A-plus) from `A' (single-A), and the certificate of deposit rating was reaffirmed at Duff 1.
 The rating upgrades reflect BK's improving asset quality, solid reserve coverage measures, strong earning power, ample capital strength and reduced risk profile. The upgrades also reflect BK's increasing financial stability associated with the increasing consumer orientation and solid fee-based revenue sources. BK now derives approximately 50 percent of total revenues from a myriad of annuity-like fee-based businesses which add significant stability to the revenue stream. BK has also shifted its focus from wholesale banking to retail and middle market banking and in the process has lowered its risk profile.
 -0- 8/2/93
 /CONTACT: Charles J. Orabutt, Jr., CPA, of Duff & Phelps Credit Rating Co., 312-368-3153/
 (BK)


CO: Bank of New York Company Inc. ST: New York IN: FIN SU: RTG

MP -- NY109 -- 8501 08/02/93 16:08 EDT
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Publication:PR Newswire
Date:Aug 2, 1993
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