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CENTRAL ILLINOIS PUBLIC SERVICE COMPANY $12.5 MILLION DEPOSITARY PREFERRED SHARES RATED 'AA' BY DUFF & PHELPS

 CHICAGO, Oct. 4 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of "AA" (Double-A) to Central Illinois Public Service Company's (CIPS) proposed $12.5 million offering of depositary preferred shares. Each share represents one-fourth of a share of preferred stock (par value $100). Proceeds will be used to refund higher cost preferred stock.
 CIPS has a conservative capital structure and solid financial protection measures. Coverages are expected to remain strong and benefit from the company's extensive refinancing program. Management has demonstrated its commitment and ability to maintain credit quality. The company has adequate generating capacity. Expenditures to comply with the Clear Air Act should be relatively small. The company plans to use low-sulfur Illinois coal to comply with the act's provisions. Although the lockout of workers belonging to two employee unions has ended, negotiations to resolve labor issues are ongoing.
 Central Illinois Public Service, the primary subsidiary of CIPSCO Incorporated, provides electric and gas service in a 20,000 square mile region of central and southern Illinois.
 -0- 10/4/93
 /CONTACT: John C. Dell of Duff & Phelps Credit Rating Co., 312-368-3161/
 (CIP)


CO: Central Illinois Public Service Company ST: Illinois IN: UTI SU: RTG

TW -- NY052 -- 8283 10/04/93 10:38 EDT
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Publication:PR Newswire
Date:Oct 4, 1993
Words:206
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