OTHER NEWS - Jan. 21, 1992
From Times Staff and Wire Reports
Duff & Phelps to Issue Stock: The debt rating agency will sell 25% of itself in a stock offering aimed at raising money to lower its debt and allow it to expand. The company hopes to raise $50 million, which would halve the $92 million in long-term debt it picked up in a management-led buyout in 1989. Although Standard & Poor’s Corp. and Moody’s Investors Service Inc. are better known for their analysis of corporate securities, Chicago-based Duff & Phelps has been riding a wave of growth driven by demand for investment research, President Francis Jeffries said. From 1987 through 1991, its revenue grew at a compound rate of 23% annually, he said.
