BOSTON EDISON COMPANY DEBENTURES REAFFIRMED AT 'BBB'
CHICAGO, Jan. 26 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has reaffirmed its BBB' (Triple-B) rating on Boston Edison Company's shelf registration of debentures. The company plans to offer $65 million from the shelf shortly. Boston Edison's financial measures have stabilized under the 1989 Pilgrim settlement agreement. Common equity sales are expected to support some strengthening in the currently leveraged capital structure. Financial improvement will be dependent upon regulatory support and continued satisfactory operating performance of the Pilgrim Nuclear Plant. The Massachusetts Department of Public Utilities approved a three- year rate settlement in October 1992. The settlement calls for no increase in base rates through October 1993. Rate increases for the second and third years will be about two and one-half percent each year. The economic slowdown has allowed Boston Edison to delay some capacity additions. The company's purchased capacity commitments are factored into Duff Credit rating judgment. Boston Edison provides electric service in a 590 square mile area including Boston and 39 other Massachusetts communities. -0- 1/26/93 /CONTACT: William A. Abrams, CFA of Duff & Phelps, 312-368-3112/ (BSE)
CO: Boston Edison Company ST: Massachusetts IN: FIN SU: RTG
SH -- NY086 -- 9161 01/26/93 14:34 EST
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|Date:||Jan 26, 1993|
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