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UJB FINANCIAL CORP. RATINGS RAISED BY DUFF & PHELPS

 CHICAGO, Aug. 4 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has upgraded the ratings of UJB Financial Corp. The senior debt rating for UJB Financial Corp. has been upgraded to `BBB+' (triple-B-plus) from `BBB' (triple-B), subordinated debt to `BBB' (triple-B) from `BBB-' (triple-B-minus), and preferred stock to `BBB-' (triple-B-minus) from `BB+' (double-B-plus). The commercial paper rating has been reaffirmed at Duff 2. The ratings for United Jersey Bank of Hackensack have been reaffirmed, with a short-term deposit rating of Duff 2 and a long-term senior rating of `BBB+' (triple-B-plus). Approximately $220 million of fixed income securities are affected by the rating changes.
 The upgrades reflect the reductions made in non-performing asset levels, improvement in reserve coverage of problem loans, and strengthening of core profitability. The rating upgrades also incorporate Duff & Phelps' expectation of additional progress in these areas.
 -0- 8/4/93
 /CONTACT: Charles J. Orabutt Jr. of Duff & Phelps Credit Rating Co., 312-368-3153/
 (UJB)


CO: UJB Financial Corp. ST: New Jersey, Pennsylvania IN: FIN SU: RTG

CK -- NY034 -- 9285 08/04/93 10:35 EDT
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Publication:PR Newswire
Date:Aug 4, 1993
Words:175
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