DUFF & PHELPS: DUKE POWER COMPANY $200 MILLION FIRST AND REFUNDING MORTGAGE BONDS RATED 'AA-'
CHICAGO, Feb. 24 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of "AA-" (Double-A-Minus) to Duke Power Company's offering of $200 million of first and refunding mortgage bonds. The bonds are being offered in two tranches -- $125 million due March 1, 2008, and $75 million due March 1, 2003. Duke Power has strong utility fundamentals. The company has a low- cost supply of nuclear and coal-fired power, reasonable regulation and good management. Ongoing sales growth and productivity improvements should reflect positively on future earnings. The company's large fixed costs under its take-or-pay contract for power from the Catawba nuclear plant are scheduled to decline and accumulated deferred costs to be recovered. Duke Power continues to emphasize demand-side management programs to help defer the need for additional capacity. Capital expenditures will increase for the accelerated replacement of steam generators at three of Duke Power's nuclear units. Duke Power Company serves approximately 1.7 million customers in a growing service territory covering 20,000 square miles in North Carolina and South Carolina. -0- 2/24/93 /CONTACT: William A. Abrams of Duff & Phelps Credit Rating Co., 312-368-3112/ (DUK)
CO: Duke Power Company ST: North Carolina IN: UTI SU: RTG
GK -- NY043 -- 9943 02/24/93 13:08 EST
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|Date:||Feb 24, 1993|
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