Duff & Phelps Credit Rating Co. recently assigned an initial rating of AA to Norwest Corp.'s $125 million senior note issue.

Duff & Phelps pointed to the Minneapolis banking company's diversified sources of revenue, noting that profitability has improved despite "meaningful levels" of securities losses.

The 7.75% issue, which matures March 1, 2002, was priced at 99.623 to yield 7.81%.

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