NEW YORK - Fitch Investors Service Inc. said it has upgraded the ratings on $250 million of senior notes issued by Shawmut National Corp.

Fitch said the upgrade reflects the improved financial condition of the New England-based banking company.

The agency upgraded the notes to BBB-minus from BB-plus. Affected are $150 million of 8.875% senior notes due in 1996 and $100 million of 8.125% senior notes due in 1997.

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