DUFF & PHELPS: NORTHERN INDIANA PUBLIC SERVICE COMPANY $349.750 MILLION MEDIUM-TERM NOTES RATED 'BBB+'
CHICAGO, July 1 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `BBB+' (Triple-B-Plus) to Northern Indiana Public Service Company's (Northern Indiana) shelf registration for $349.750 million of Series C, medium-term notes. Refunding and retirement of debt, workforce reductions, and cost controls have contributed to improvement in credit protection measures during recent years. With major investments in environmental control facilities and the use of low sulfur coal, substantially all of Northern Indiana's electric production facilities comply with Clean Air Act (CAA) provisions. The company has chosen not to seek recovery of lease expenses associated with CAA compliance until 1996. This may limit near-term improvements in credit measures. The company has a manageable construction program and operates in a reasonable regulatory environment. Northern Indiana Public Service provides electric and natural gas service to northern Indiana. The company serves a 12,000 square mile area with a population of about 2.2 million, about 40 percent of the state's population. -0- 7/1/93 /CONTACT: John C. Dell of Duff & Phelps Credit Rating Co., 312-368-3161/ CO: Northern Indiana Public Service Company ST: Indiana IN: UTI SU: RTG
SH -- NY072 -- 7803 07/01/93 14:07 EDT
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|Date:||Jul 1, 1993|
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