Duff & Phelps Co. recently assigned a rating of BBB-plus to Citicorp's $131.25 million noncumulative preferred stock issue. The shares are noncallable for five years and were priced to yield 8.5%.

The agency upgraded Citicorp twice in 1994 because of a strengthening balance sheet, better capital ratios, and higher loan-loss reserves. The agency's concern about problem assets above peer levels is tempered by an improved risk management system that utilizes portfolio monitoring and responds more quickly to emerging asset quality problems.

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