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DUFF & PHELPS: CONNECTICUT LIGHT AND POWER CO. $390 MILLION FIRST & REFUNDING MORTGAGE BONDS & PREFERRED STOCK (SHELF), RATED A- AND BBB+

 CHICAGO, March 29 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `A-' (Single-A-Minus) to the first and refunding mortgage bond portion of Connecticut Light and Power Company's shelf registration for $390 million of first and refunding mortgage bonds, Class A preferred stock (par value $25) and preferred stock (par value $50). A rating of `BBB+' (Triple-B-Plus) has been assigned to the preferred stock portion of the registration. Proceeds will be use to refund higher cost outstanding first mortgage bonds and preferred stock or to refinance maturing debt.
 Strong internal cash generation due to the amortization of Connecticut Light and Power's (CL&P) recoverable investment in the Millstone 3 and Seabrook plants and cost control measures in non-nuclear operations are expected to result in gradually improving fundamentals over the longer term.
 In December 1992, CL&P filed to increase rates an average of 5.5 percent ($358 million) over three years. The filing seeks recovery of costs for replacement of the steam generators at the Millstone 2 nuclear unit and higher operation and maintenance expenses at nuclear plants. The case also requests that additional components of the Millstone 3 and Seabrook 1 phase-in plans be put into rates. A final decision is expected during the second quarter of 1993.
 CL&P has an 81 percent interest in the Millstone 1 and 2 nuclear units and a 52.9 percent share of Millstone 3. Conservation and load management programs, power purchases, and lower expected sales growth should delay the need for major new generating capacity until after the year 2000. A prolonged slowdown in the regional economy and defense spending curtailments are risks.
 CL&P is a wholly owned subsidiary of Northeast Utilities. The company is the largest electric utility in Connecticut and provides electric service to most of the state.
 -0- 3/29/93
 /CONTACT: David W. Eisinger, CFA of Duff & Phelps Credit Rating Co. 312-368-3145/


CO: Connecticut Light and Power Company ST: Connecticut IN: UTI SU: RTG

LD -- NY103 -- 0720 03/29/93 17:07 EST
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Publication:PR Newswire
Date:Mar 29, 1993
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