S&P; raised its ratings on BankAmerica preferred.

Standard & Poor's said the new rating is B+, up from B, because of a "modest narrowing of operating losses in the second half of 1986 and continuance of preferred dividends in a difficult operating environment." The rating applies to existing preferred stock as well as the preferred-stock portion of a proposed new stock offering. Ratings on all other issues were unchanged, S&P; said, and all remain on Creditwatch with positive implications until First Interstate Bancorp's unsolicited takeover bid is resolved.

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