MOODY'S UPGRADES PREFERRED STOCK RATING OF SHAWMUT NATIONAL CORPORATION TO 'baa2'
New York, January 9, 1995 -- Moody's Investors Service upgraded to 'baa2' from 'baa3' the rating on cumulative preferred stock of Shawmut National Corporation (SNC). According to the rating agency, SNC has restored asset quality and has cut its overhead. However, core earnings momentum has been somewhat stifled by the company's liability-sensitive balance sheet, although management has taken actions to correct its interest rate mismatch.
The following ratings have been upgraded:
Shawmut National Corporation -- cumulative preferred stock to 'baa2' from 'baa3'-- shelf registration for cumulative preferred stock to (P)'baa2' from (P)'baa3'-- and shelf registration for noncumulative preferred stock to (P)'baa3' from (P)'ba1'.
The following ratings have been confirmed:
Shawmut National Corporation -- shelf registration for senior debt, at (P)Baa1-- and shelf registration for subordinated debt, at (P)Baa2.
Hartford National Corporation -- subordinated debt, at Baa2.
Shawmut Corporation -- senior debt, at Baa1-- and subordinated debt, at Baa2.
Shawmut Bank, NA -- rating of the bank for long-term deposits and other senior and counterparty obligations, at A2-- and rating of the bank for short-term deposits and other senior obligations, at Prime-1.
Shawmut Bank Connecticut, NA -- rating of the bank for long-term deposits and other senior and counterparty obligations, at A2-- and rating of the bank for short-term deposits and other senior obligations, at Prime-1.
Shawmut National Corporation, headquartered in Hartford, CT, had total assets of $31 billion at September 30, 1994.
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