DUFF/PHELPS DOWNGRADES MELLON BANK CORP <MEL>
Duff and Phelps today lowered the
senior debt rating of Mellon Bank Corp. to D&P-8 (High BBB)
from D&P-6 (middle A) and lowered the preferred stock rating to
D&P-9 (middle BBB) from D&P-7 (low A).
    These rating changes affect approximately 607 mln dlrs of
securities.
    In addition, the certificate of deposit rating of Mellon
Bank has been lowered to Duff one minus from Duff one. The
rating affects approximately 2.7 bln dlrs on CDs.
    "A sharp deterioration in asset quality," resulting in a
"significant" first-quarter loss were cited in the change.
 Reuter
