DUFF & PHELPS: DUKE POWER COMPANY $50 MILLION CUMULATIVE PREFERRED STOCK RATED 'A+'
CHICAGO, April 15 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `A+' (Single-A-Plus) to Duke Power Company's $50 million offering of $100 par value, cumulative preferred stock. The issue, which is non-callable for 10 years with sinking fund payments beginning in the tenth year, has a 22-year average life. Duke Power has a low-cost supply of nuclear and coal-fired power. Overall credit fundamentals are strong. Ongoing sales growth and productivity improvements should positively impact 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 cease; recovery of the related accumulated deferred costs will begin. 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- 4/15/93 /CONTACT: John C. Dell of Duff & Phelps Credit Rating Co., 312-368-3161/ (DUK)
CO: Duke Power Company ST: North Carolina IN: UTI SU: RTG
WB -- NY083 -- 6307 04/15/93 13:41 EDT
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|Date:||Apr 15, 1993|
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