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PSI ENERGY $200 MILLION PREFERRED SHELF RATED 'BBB', FITCHALERT POSITIVE -- FITCH FINANCIAL WIRE --

 NEW YORK, Feb. 3 /PRNewswire/ -- PSI Energy, Inc.'s (PSI) $200 million shelf registration of cumulative preferred stock is rated BBB' by Fitch. The rating is based on PSI's credit quality on a stand- alone basis and does not reflect the impact of the proposed merger with Cincinnati Gas & Electric Co. (CG&E).
 The issue is placed on FitchAlert with positive implications. Remaining on FitchAlert with positive implications are PSI's BBB+' first mortgage bonds, secured pollution control bonds, BBB' unsecured pollution control notes and preferred stock and F-2' commercial paper.
 If the merger is completed successfully and a number of factors are resolved in an overall constructive manner, moderately higher credit ratings could result. Among the factors that must be resolved favorably are the treatment of merger savings by the Indiana and Ohio regulatory commissions, the outcome of pending rate petitions filed by each company, and the extent of the reduction in capital expenditures. The level of any credit upgrade is limited by PSI's acid rain exposure, which is estimated to total $1.3 billion over the 1992-2001 period, with about $800 million of this total estimated to be spent in the 1997-2001 period.
 Although the managements estimate the merger, which was announced in December 1992, may be consummated by the end of 1993, obtaining the necessary approvals of state and federal agencies may prolong the time frame. The recent merger between Kansas Power & Light and Kansas Gas & Electric Co. took 17 months.
 -0- 2/3/93
 /CONTACT: Ed King of Fitch, 212-908-0574/
 (PIN)


CO: PSI Energy, Inc. ST: IN: UTI SU: RTG

WB -- NY057 -- 2426 02/03/93 13:02 EST
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Date:Feb 3, 1993
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