NEWYORK - Moody's Investors Service Inc. said it upgraded First Chicago Corp.'s senior debt to A3, from Baa1, and its subordinated debt to Baal, from Baa2, and preferred stock to Baa1 and Baa2.

The credit rating agency said it also has affirmed First Chicago's commercial paper at Prime-2

According to Moody's, the rating actions result from significant improvement in the company's wholesale and middle-market lending businesses. The rating change also reflects First Chicago's aggressive disposition of commercial real estate assets.

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