Duff & Phelps Credit Rating Co. has upgraded the debt of Aames Financial Corp., citing the consumer finance company's "solid" asset quality.

The rating agency upgraded $23 million of senior secured notes due in 2002 to BB-plus, from BB-minus. In addition, Duff & Phelps assigned an initial rating of BB to Aames' $115 million of convertible subordinated debentures.

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