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LONG ISLAND LIGHTING COMPANY $570 MILLION SHELF REGISTRATION RATED BY DUFF & PHELPS

 CHICAGO, April 15 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned ratings to Long Island Lighting Company's $570 million shelf registration as follows: general and refunding mortgage bonds `BBB' (Triple-B); debentures `BBB-' (Triple-B-Minus); and preferred stock `BB+' (Double-B-Plus).
 LILCO's financial protection measures are expected to improve gradually. An active refunding program has sharply reduced the average cost of debt and preferred stock; however, leverage is expected to remain high over the intermediate term. Internal cash should cover approximately two-thirds of capital expenditures through 1994, including Shoreham "post settlement" costs. An aggressive demand side management program is expected to minimize load growth. Continued regulatory support will be necessary to achieve the targeted improvement to credit protection measures contemplated by the 1989 Shoreham settlement agreement.
 LILCO provides electric and gas service in a 1,230 square mile area encompassing Nassau and Suffolk Counties and the Rockaway Peninsula in Queens County, all on Long Island, New York.
 -0- 4/15/93
 /CONTACT: William A. Abrams of Duff & Phelps Credit Rating Co., 312-368-3112/
 (LIL)


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

SM -- NY084 -- 6308 04/15/93 13:41 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
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