Duff & Phelps has upgraded its ratings...

Duff & Phelps has upgraded its ratings on the long-term and short-term securities of BankAmerica in response to the San Francisco banking company’s financial performance in 1988 and high expectations for the current year. The Chicago-based ratings agency said the improved ratings reflected “significant improvement in operating profitability, continued progress in asset quality and further enhancement of the capital base” at the parent company of Bank of America, California’s largest bank. Senior debt was raised a notch to D&P-7;, equivalent to low single A, and short-term certificates of deposit went up to Duff 1-.