Printer Friendly

CENTRAL LOUISIANA ELECTRIC COMPANY, INC. $25 MILLION PREFERRED STOCK (SHELF) RATED 'A-' BY DUFF & PHELPS

 CHICAGO, May 27 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `A-' (Single-A-Minus) to Central Louisiana Electric Company, Inc.'s (CLECO) shelf registration for 250,000 shares of preferred stock, liquidation value $100 per share. Proceeds will be used to repurchase debt and equity securities, finance construction, and for other corporate purposes.
 CLECO has maintained a stable financial profile. The company is a low-cost energy producer and employs effective cost controls. Lower interest expense from the refinancing of higher cost debt and modest rate relief should allow maintenance of satisfactory debt protection measures. The company has adequate capacity to support load growth for the foreseeable future. Construction will be mainly for distribution and transmission expansion. Internally generated cash should fund virtually all of forecasted construction expenditures.
 Future improvement of the company's financial profile is likely to be limited by the regulatory environment and slow economic growth in the service territory. Some loss of customers and revenue is anticipated from the closure of the England Air Force Base at Alexandria. Economic development efforts have been modestly successful in mitigating these effects.
 Central Louisiana Electric provides electric service to 214,000 customers in a 14,000 square mile region of Louisiana which includes mostly small communities and rural areas.
 -0- 5/27/93
 /CONTACT: John C. Dell of Duff & Phelps Credit Rating Co., 312-368-3161/
 (CNL)


CO: Central Louisiana Electric Company, Inc. ST: Louisiana IN: UTI SU: RTG

SM -- NY056 -- 2955 05/27/93 12:20 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 27, 1993
Words:247
Previous Article:CIBA-GEIGY ISSUES STATEMENT ON LITHOBID DISCONTINUATION
Next Article:DUFF & PHELPS UPGRADES PACIFIC ENTERPRISES' REMARKETED PREFERRED STOCK TO 'BBB'
Topics:


Related Articles
DUFF & PHELPS: COLUMBUS SOUTHERN POWER $200M FIRST MORTGAGE BONDS, FIRST MORTGAGE BONDS DESIGNATED SECURED MEDIUM-TERM NOTES RATED 'BBB'
CENTRAL LOUISIANA ELECTRIC COMPANY, INC. $100 MILLION DEBT SECURITIES (SHELF) RATED BY DUFF & PHELPS
DUFF & PHELPS: VIRGINIA ELECTRIC & POWER $400M FIRST AND REFUNDING MTGE. BONDS (SHELF) RATED 'A+'; $100M PREF. STOCK (SHELF) RATED 'A'
CENTRAL POWER AND LIGHT COMPANY $200 MILLION FIRST MORTGAGE BONDS (SHELF) RATED 'A' BY DUFF & PHELPS
GEORGIA POWER COMPANY $75 MILLION ADJUSTABLE RATE CLASS A PREFERRED STOCK (1993 SERIES) RATED 'A-' BY DUFF & PHELPS
DUFF & PHELPS: PENNSYLVANIA ELECTRIC COMPANY $450 MILLION (SHELF) RATED
DUFF & PHELPS CREDIT RATING CO. RATES APPALACHIAN POWER CO.'S SHELF REGISTRATION FOR $30 MILLION OF CUMULATIVE PREFERRED STOCK 'A-'
DUFF & PHELPS CREDIT RATING CO. LOWERS THE CREDIT RATINGS OF VIRGINIA ELECTRIC & POWER COMPANY
DCR REAFFIRMS CINERGY SUBSIDIARIES' CREDIT RATINGS FOLLOWING ANNOUNCED PLAN TO ACQUIRE A 50 PERCENT STAKE IN MIDLANDS ELECTRICITY PLC
Duff & Phelps Credit Rating Co. Upgrades Columbus Southern Power Co. Debt Ratings; Reaffirms Preferred Stock Rating

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters