Printer Friendly

EL PASO ELECTRIC COMPANY RATING DOWNGRADE BY DUFF & PHELPS

 EL PASO ELECTRIC COMPANY RATING DOWNGRADE BY DUFF & PHELPS
 CHICAGO, Feb. 12 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has lowered the rating of El Paso Electric Company's first mortgage bonds to 'DD' (Defaulted Debt) from 'CCC' (Triple-C) and has removed the securities from Rating Watch -- Unfavorable. El Paso Electric, which is in bankruptcy, did not meet the scheduled principal payment of the $10.4 million of 4-5/8 percent first mortgage bonds due earlier this month, placing it in default on its first mortgage obligations.
 According to provisions of the U.S. Bankruptcy Code, El Paso Electric cannot make payments on any pre-petition debt without the approval of the Bankruptcy Court. Any payment of interest due on the remaining bond issues would be at the discretion of the bankruptcy judge. El Paso Electric has indicated that it has not yet sought court authority to make such payments, and that it is uncertain as to whether or when it will seek such authority.
 -0- 2/12/92
 /CONTACT: William A. Abrams, CFA of Duff & Phelps, 312-368-3112/
 (ELPA) CO: El Paso Electric Company ST: Texas IN: UTI SU: RTG


JT -- NY089 -- 9367 02/12/92 15:55 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 12, 1992
Words:196
Previous Article:UNIVERSAL HEALTH SERVICES ANNOUNCES FULL YEAR 1991 NET INCOME INCREASES 75 PERCENT
Next Article:ACCOUNTING CHANGE DELAYS MANVILLE 1991 RESULTS; PRELIMINARY EARNINGS RELEASED
Topics:


Related Articles
EL PASO ELECTRIC RATING DOWNGRADE BY DUFF & PHELPS
VIRGINIA ELECTRIC AND POWER COMPANY $100 MILLION FIRST AND REFUNDING MORTGAGE BONDS RATED 'A+'; $40 MILLION PREFERRED STOCK RATED 'A'
CENTRAL POWER AND LIGHT COMPANY $200 MILLION FIRST MORTGAGE BONDS (SHELF) RATED 'A' BY DUFF & PHELPS
DUFF & PHELPS: SOUTHWESTERN ELECTRIC POWER COMPANY $125 MILLION FIRST MORTGAGE BONDS RATED 'AA+'
CENTRAL POWER AND LIGHT COMPANY $325 MILLION FIRST MORTGAGE BONDS (SHELF) RATED 'A' BY DUFF & PHELPS
DUFF & PHELPS: LOUISIANA POWER & LIGHT COMPANY SECURED LEASE OBLIGATION BONDS REMOVED FROM RATINGS WATCH -- DOWN;
DUFF & PHELPS LOWERS THE DEBENTURE RATING OF TOLEDO EDISON COMPANY
DUFF & PHELPS CREDIT RATING CO. LOWERS THE CREDIT RATINGS OF VIRGINIA ELECTRIC & POWER COMPANY
DCR ASSIGNS 'BB-' RATING TO EL PASO ELECTRIC CO.'S SENIOR SECURED DEBT
DCR Reaffirms Ratings of El Paso Electric Company

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters