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CENTRAL POWER AND LIGHT COMPANY $200 MILLION FIRST MORTGAGE BONDS (SHELF) RATED 'A' BY DUFF & PHELPS

 CHICAGO, May 10 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `A' (Single-A) to Central Power and Light Company's shelf registration for $200 million of first mortgage bonds. Combined with a previous registration, $235 million of securities are available for sale. Proceeds will be used to redeem outstanding first mortgage bonds and preferred stock.
 Central Power and Light has maintained a conservative capital structure. Completion of major construction for the South Texas Project (STP) nuclear plant and rate relief have improved credit protection measures. Central Power and Light is a 25 percent owner of the two-unit 2,500 mw STP plant. Projected capital requirements are expected to be lower and financed completely from internal funds. Future improvement will depend somewhat on management's ability to operate within the approved STP rate settlement parameters. The settlement included a rate freeze provision through 1994.
 Parent Central and South West's recent merger agreement with El Paso Electric Company is not expected to have a material impact on Central Power and LIght's credit quality.
 Central Power and Light Company is the largest of Central and South West Corporation's four electric utility subsidiaries. The company supplies electric service to approximately 566,000 customers in South Texas.
 -0- 5/10/93
 /CONTACT: John C. Dell of Duff & Phelps Credit Rating Co., 312-368-3161/
 (CSR) CO: Central Power and Light Company ST: Texas IN: UTI SU: RTG


SB -- NY087 -- 6619 05/10/93 15:46 EDT
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Publication:PR Newswire
Date:May 10, 1993
Words:240
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