DUFF & PHELPS: MISSISSIPPI POWER COMPANY $105 MILLION DEPOSITARY PREFERRED SHARES RATED 'A'
CHICAGO, June 16 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `A' (Single-A) to Mississippi Power Company's shelf registration for $105 million of depositary preferred shares. Each share represents one-fourth of a share of preferred stock. Combined with previous registrations, $165 million of depositary preferred shares are available for sale. Proceeds will be used for general corporate purposes including repayment of debt. A settlement in early 1993 regarding Mississippi Power's performance-based ratemaking plan (PEP) reduces uncertainty created by the legality of the PEP approved by the Mississippi Public Service Commission in 1986. The settlement will not have a significant impact on the company, and no refund was required. Mississippi Power's construction expenditures are expected to increase significantly in the next few years from a continuation of customer growth. The highest growth is expected in the commercial sector due to the legalization of casino gambling on the Gulf Coast. Approximately 25 percent of construction expenditures will be for compliance with Clean Air Act requirements. Internal funds should cover approximately three-quarters of the construction budget. Mississippi Power is dedicated to controlling costs and strengthening its capital structure. Mississippi Power, a subsidiary of Southern Company, provides electric service to over 176,000 customers is southeast Mississippi. -0- 6/16/93 /CONTACT: William A. Abrams, CFA of Duff & Phelps Credit Rating Co. 312-368-3112/ (SO)
CO: Mississippi Power Company ST: Mississippi IN: UTI SU: RTG
LD -- NY070 -- 2764 06/16/93 16:43 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jun 16, 1993|
|Previous Article:||ALABAMA POWER COMPANY $455 MILLION (SHELF) FIRST MORTGAGE BONDS RATED 'A'; CLASS A PREFERRED STOCK RATED 'A-' BY DUFF & PHELPS|
|Next Article:||STOCKHOLDER FILES SUIT AGAINST MAXUM HEALTH CORP. AND MEMBERS OF MANAGEMENT|