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DUFF & PHELPS: OHIO POWER COMPANY $30 MILLION CUMULATIVE PREFERRED STOCK (SHELF) RATED 'A-'; (PARENT: AMERICAN ELECTRIC POWER COMPANY)

 CHICAGO, March 16 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `A-' (Single-A-Minus) to Ohio Power Company's shelf registration for $30 million of cumulative preferred stock (par value $100). Proceeds will be used to refund debt or preferred stock, or for other corporate purposes.
 Ohio Power has no near-term plans for additional baseload capacity. However, capital expenditures will increase to comply with clean air amendments. The most affected generating unit in the American Electric Power system is Ohio Power's Gavin plant, which represents 25 percent of the system's total sulfur dioxide emissions. As part of a settlement in November 1992, the Ohio Public Utility Commission agreed that the installation of scrubbers at the Gavin plant offers the least-cost compliance strategy. Scrubber construction costs are capped at $815 million and construction of the scrubbers by a third party has begun.
 Control of operation and maintenance costs will be important given sizable future clean air compliance costs. American Electric Power has announced plans to cut 500 jobs, some of which will be at Ohio Power.
 Ohio Power Company, a subsidiary of American Electric Power Company (NYSE: AEP), serves approximately 645,000 customers in northwestern, east central, eastern, and southern sections of Ohio. The company's revenues are heavily dependent upon primary metals. Industrial sales have been affected by the slowdown in the economy.
 -0- 03/16/93
 /CONTACT: John C. Dell of Duff & Phelps, 312-368-3161/
 (AEP)


CO: Ohio Power Company; American Electric Power Co. ST: Ohio IN: UTI SU: RTG

AH -- NY041 -- 6575 03/16/93 12:52 EST
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Publication:PR Newswire
Date:Mar 16, 1993
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