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DUFF & PHELPS ADDS CENTRAL MAINE POWER COMPANY TO RATING WATCH -- UNFAVORABLE

 CHICAGO, Sept. 28 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has added the fixed income securities of Central Maine Power Company to Rating Watch -- Unfavorable. Currently, Central Maine Power's general and refunding mortgage bonds are rated `BBB+' (Triple-B-Plus), and unsecured notes and preferred stock are rated `BBB' (Triple-B).
 The Rating Watch -- Unfavorable addition follows a negative recommendation by the Maine Public Utilities Commission (MPUC) hearing examiner. This recommendation characterizes one of CMP's power purchase arrangements as "imprudent and unreasonable" and argues for a $3.8 million per year rate disallowance. The MPUC is expected to rule on this matter on October 4, 1993. Were its ruling to agree with the hearing examiner's recommendations, CMP would be faced with a pre-tax write-off of approximately $35 million. This issue, together with several other continuing and developing factors, has significantly increased pressure on CMP's credit protection measures.
 Central Maine Power serves 497,000 customers in an 11,000 square mile area that includes 75 percent of Maine's population.
 -0- 9/28/93
 /CONTACT: John C. Dell of Duff & Phelps Credit Rating Co., 312-368-3161/


CO: Maine Power Company ST: Maine IN: UTI SU: RTG

SM -- NY094 -- 6563 09/28/93 17:26 EDT
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Publication:PR Newswire
Date:Sep 28, 1993
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