Duff & Phelps Credit Rating Co. raised the credit ratings of seven bank holdings companies and may upgrade another four banks.
Duff upgraded the senior debt of Bank of New York Co. to Aminus from BBB-plus; Crestar Financial Corp. to BBB from BBB-minus; First Bank System to A from BBB-plus; Mellon Bank Corp. to A-minus from BBB-plus; and Valley National Corp. to BBB-minus from BB-minus.
Subordinated debt to First Fidelity Bancorp. was raised to BBB-plus from BBB and of Signet Banking Corp. to BB-plus from BB.
On review for upgrade are Bank of Boston Corp., rated BB-plus; Chase Manhattan Corp., rated BBB-minus; First Interstate Bancorp, rated BBB; and Shawmut naitonal Corp., rated BB.
