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DUKE POWER CO. $60 MILLION PREFERRED STOCK RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

 DUKE POWER CO. $60 MILLION PREFERRED STOCK RATED 'AA-' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug.10 /PRNewswire/ -- Duke Power Co.'s new issue of $60 million preferred stock is rated 'AA-' by Fitch. The three-part issue includes $20 million each in 5.95 percent preferred stock due 1999, 6.10 percent preferred due 2000, and 6.20 percent preferred due 2001. The credit trend is stable.
 The utility's overall financial condition has been stable. For the twelve months ended March 31, pre-tax interest coverage was 3.89 times. This well managed utility is soundly capitalized with solid generating diversity (64 percent nuclear, 34 percent coal, and 2 percent hydro and other). Over the past three years, internal cash flow provided around 80 percent of capital expenditures. For the three years 1992-1994, construction expenditures including AFUDC but excluding nuclear fuel requirements are estimated at $2.25 billion. Internal cash generation should support about 80 percent of this total. Duke Power, headquartered in Charlotte, N.C., provides electric service in North and South Carolina.
 -0- 8/10/92
 /CONTACT: Anne Faber of Fitch, 212-908-0566/
 (DUK) CO: Duke Power Co. ST: North Carolina IN: UTI SU: RTG


DC -- NY073 -- 8676 08/10/92 16:43 EDT
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Publication:PR Newswire
Date:Aug 10, 1992
Words:205
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