Fitch Investors Service gave an "A" rating to Bankers Trust New York Corp.'s $50 million, 7.75% issue of subordinated debt due May 1, 2002, but voiced concerns about the bank's business mix.

Fitch said the rating reflects the company's highly liquid balance sheet and strong regulatory capital ratios.

Rating concerns, however, included the market-sensitive revenues in the earnings mix and underperformance by previously large earnings contributors such as risk management services. Fitch assigned a negative credit outlook to the banking company.

"Although the company's recent acquisitions provide significant opportunities to enhance its advisory and underwriting abilities in its pursuit of long-term client relationships," Fitch said, "BT's operating performance still remains well below its peers'."

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