DUFF & PHELPS: UNION ELECTRIC COMPANY $310 MILLION FIRST MORTGAGE BONDS (SHELF) RATED 'A+'
CHICAGO, July 20 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `A+' (Single-A-Plus) to Union Electric Company's shelf registration for $310 million of first mortgage bonds. Proceeds will be used to refund existing short-term and long-term debt. Union Electric's financial protection measures have benefited from cost containment, efficient operations, strong internal cash, and reduction of debt and preferred stock. The company is expected to continue to benefit from these factors. With adequate purchased power sources and transmission capability, no baseload plant additions are scheduled before the year 2000. The Callaway nuclear unit accounts for about 50 percent of Union Electric's total capitalization, but has an excellent operating record. Union Electric's sale of its electric properties in Iowa and northern Illinois late last year is projected to result in flat Kwh sales in 1993. However, financial protection measures should not be affected. Union Electric Company is the largest electric company in the state of Missouri from which it derives most of its revenues. The company also serves a small portion of Illinois. -0- 7/20/93 /CONTACT: John C. Dell of Duff & Phelps Credit Rating Co., 312-368-3161/ (UEP)
CO: Union Electric Company ST: Missouri IN: UTI SU: RTG
LD -- NY116 -- 3614 07/20/93 17:25 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jul 20, 1993|
|Previous Article:||DUFF & PHELPS: BALTIMORE GAS AND ELECTRIC COMPANY $125 MILLION FIRST REFUNDING MORTGAGE BONDS RATED 'AA-'|
|Next Article:||NORBY JOINS MENTOR GRAPHICS AS CHIEF FINANCIAL OFFICER|