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DUFF & PHELPS ADDS ORANGE AND ROCKLAND UTILITIES, INC. TO RATING WATCH -- UNFAVORABLE

 CHICAGO, Aug. 19 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has added the fixed income securities of Orange and Rockland Utilities, Inc. (ORU) to Rating Watch -- Unfavorable. ORU's securities are currently rated as follows: first mortgage bonds `AA-' (Double-A-Minus); debentures and non-collateralized pollution control revenue bonds `A+' (Single-A-Plus); preferred and preference stock `A' (Single-A); and commercial paper Duff 1+ (One-Plus).
 Unexpectedly, ORU's Vice President of Corporate Policy and External Affairs has been arraigned on felony charges based on allegations of improper political contributions. The company is investigating the charges and has placed the officer on leave.
 At this time, it is difficult to assess the political reaction to and consequences of this news. Duff & Phelps has placed the company's securities on our Watch List -- Unfavorable pending clarification of the severity of the situation as well as public and regulatory reaction to it. The company has a $17.1 million rate case pending in New York which is important to its financial progress.
 Orange and Rockland Utilities serves more than 252,000 electric customers and 106,900 gas customers in southeastern New York State and adjacent areas in northern New Jersey and northeastern Pennsylvania.
 -0- 8/19/93
 /CONTACT: John C. Dell of Duff & Phelps Credit Rating Co., 312-368-3161/
 (ORU)


CO: Orange and Rockland Utilities, Inc. ST: New York IN: UTI SU: RTG

WB -- NY037 -- 4311 08/19/93 12:14 EDT
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Publication:PR Newswire
Date:Aug 19, 1993
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