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LILCO $59 MILLION DEBENTURES, $38.9 MILLION PREFERRED RATED 'BBB-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Feb. 25 /PRNewswire/ -- Long Island Lighting Co.'s (LILCO) $59 million 7 percent debentures due 2004 and $38.9 million 7.8 percent preferred stock Series NN due 2018 are rated 'BBB-' by Fitch. The credit trend is improving. The issue is a takedown from a previously rated shelf registration. Proceeds of the debenture sale will be used to redeem $60 million of the company's Series X 8-1/8 percent first mortgage bonds due 2003 while proceeds of the preferred sale will be used to redeem $35 million of the company's Series P preferred stock.
 The rating reflects the assurance of electric rate increases, with incentives, through December 1993, continued aggressive refinancing of high-cost debt and preferred stock, and a significant improvement in earnings quality, cash flow, and internal cash generation over the next several years.
 -0- 02/25/93
 /CONTACT: Stephen Fedun of Fitch, 212-908-0568/
 (LIL)


CO: Long Island Lighting Co. ST: New York IN: UTI SU: RTG

AH -- NY034 -- 0335 02/25/93 11:01 EST
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Publication:PR Newswire
Date:Feb 25, 1993
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