DUFF & PHELPS RATES NORTHERN ILLINOIS GAS COMPANY'S $75 MILLION FIRST MORTGAGE BONDS 'AA+'
CHICAGO, Feb. 4 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has reaffirmed its 'AA+' (Double-A-Plus) rating on Northern Illinois Gas Company's three-part issue of first mortgage bonds totaling $75 million. Proceeds from the offering will be used for retirement of maturing debt, construction, and general corporate purposes. Northern Illinois Gas (NI-Gas) has demonstrated strong financial measures and conservative financial management. With connections to five interstate pipelines and a large amount of storage capacity, the company is well positioned to exploit the changing industry environment under FERC Order 636. NI-Gas has broadened its range of services and initiated new rate schedules to improve its competitive position and foster growth. Capital needs are modest and should be funded completely through internal cash. The company's service area in northern Illinois (primarily Chicago suburbs) offers both economic diversity and customer growth. Such growth, while moderating, is projected to remain steady. In addition to selling gas to all customer classes, NI-Gas provides transportation, gas storage, and supply backup services to commercial and industrial customers who purchase their own gas. -0- 2/4/93 /CONTACT: James J. Stork, CFA of Duff & Phelps, 312-368-3125/
CO: Northern Illinois Gas Company ST: Illinois IN: UTI SU: RTG
LR -- NY066 -- 2952 02/04/93 11:55 EST
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|Date:||Feb 4, 1993|
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