CONSOLIDATED EDISON COMPANY OF NEW YORK $150 MILLION DEBENTURES RATED 'A+' BY DUFF & PHELPS CREDIT RATING CO.
CHICAGO, Jan. 29 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of A+' (Single-A-Plus) to Consolidated Edison Company of New York's (Con Ed) proposed offering for $150 million of debentures. The debentures will be sold shortly from an outstanding shelf registration. Proceeds will be used to refund outstanding debt. Con Ed's strong financial profile maintained over many years is a key factor in its credit quality. Rapidly growing purchased capacity required by regulators adds financial burden. A three-year electric rate plan provides recovery of rising purchased power and demand-side management costs, and includes a comprehensive electric revenue adjustment clause which neutralizes the earnings impact of sales fluctuations. Con Ed's construction program is manageable and will be funded primarily from internal cash. Purchased capacity contracts in place are expected to cover customer demand growth and plant replacement needs for about the next 20 years. The company has been taking vigorous action to reduce purchased capacity expenses which would increase customer rates. Consolidated Edison Company of New York provides electric service to all of New York City (except for part of Queens) and most of Westchester County. The company also supplies gas to Manhattan, the Bronx, and parts of Queens and Westchester. Steam service is provided to downtown Manhattan. -0- 1/29/93 /CONTACT: William A. Abrams of Duff & Phelps Credit Rating Co., 312-368-3112/ (ED)
CO: Consolidated Edison Company of New York ST: New York IN: UTI SU: RTG
CK -- NY038 -- 0709 01/29/93 11:06 EST
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|Date:||Jan 29, 1993|
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