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NEW ENGLAND TELEPHONE 'AA' SENIOR DEBT ON FITCHALERT POSITIVE -- FITCH FINANCIAL WIRE --

 NEW YORK, April 29 /PRNewswire/ -- New England Telephone & Telegraph Co.'s (NET) 'AA' rated senior notes and debentures are on FitchAlert with positive implications.
 The action is prompted by NET's strong financial and operating characteristics, effective cost control, constructive regulatory relationships, and prospects for some improvement in New England's regional economy.
 The company solidified its financial profile over the past year with moderate cost control and operating improvement. NET, a NYNEX Corp. subsidiary, offered early retirement, re-engineered processes, and adopted new technologies. Cost containment slightly improved labor force productivity, and new technologies increased capital asset performance. Although New England's economy is sluggish compared with other regions, there are signs of improvement.
 NET's revenues improved by 3 percent to $3.9 billion in 1992, while operating expenses, less depreciation and adjusted for restructuring accruals, declined by 1.5 percent to $2.2 billion for the same period. Earnings, as measured by return on equity, are expected to remain solid for 1993 following 1992's 14.8 percent return on equity. Interest coverage approached 5.0 times in 1992.
 -0- 4/29/93
 /CONTACT: Susan Kalla of Fitch, 212-908-0555/
 (NYN)


CO: New England Telephone & Telegraph Co. ST: Massachusetts IN: TLS SU: RTG

LD -- NY123 -- 2898 04/29/93 17:17 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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