DUFF & PHELPS: CAROLINA POWER & LIGHT COMPANY $400 MILLION FIRST MORTGAGE BONDS (SHELF) RATED 'A+'
CHICAGO, March 31 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `A+' (Single-A-Plus) to Carolina Power & Light Company's shelf registration for $400 million of first mortgage bonds. Combined with a previous filing, $500 million of securities are available for sale. Proceeds will be used for maintenance and construction, and for retirement and refunding of first mortgage bonds. Carolina Power & Light has a stable service territory and reasonable regulation. Strong internal cash generation, reducing debt levels, and modest sales growth should add stability to credit protection measures. The company has substantial interests in the Harris, Brunswick, and Robinson nuclear facilities. Carolina Power & Light removed both Brunswick units from service in April 1992. The Brunswick plant was placed on the NRC's Watch List in July 1992. While the plant is out of service, the company is incurring increased fuel and replacement power costs which are being deferred. Issues at the plant are being addressed and the plant is expected to return to service before mid-1993. Carolina Power & Light's coal-fired generating system, which provides the majority of the company's energy supply, continues to perform well. The system attained an availability factor of 86 percent for 1992 and 87 percent for the past five years. Carolina Power & Light Company serves approximately one million electric customers in an area encompassing nearly one-half on North Carolina and one-fourth of South Carolina. -0- 3/31/93 /CONTACT: John C. Dell of Duff & Phelps Credit Rating Co., 312-368-3161/ (CPL)
CO: Carolina Power & Light Company ST: North Carolina IN: UTI SU: RTG
LD -- NY079 -- 1722 03/31/93 17:22 EST
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|Date:||Mar 31, 1993|
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