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DUFF & PHELPS CREDIT RATING CO. REAFFIRMS HYDRO-QUEBEC'S CREDIT RATING

 MONTREAL, July 7, /PRNewswire/ -- The credit rating agency Duff & Phelps of Chicago has reaffirmed Hydro-Quebec's credit rating. In a press release issued yesterday on U.S. media networks, the U.S.- based credit rating agency, which specializes in assessing the credit of public utilities, reaffirmed its "A" rating for Hydro-Quebec bonds and medium-term securities. The credit rating of the utility's short-term securities was also upheld at Duff 1+.
 In its press release, Duff & Phelps indicated that this assessment stems from a positive perception of the utility's credit, which is expected to remain at a solid level over the medium term. Moreover, states the firm, "Hydro-Quebec's hydroelectric resources provide a competitive advantage ... This, together with relatively small planned rate increases should allow the maintenance of appropriate coverage and capital ratios." Duff & Phelps also pointed out Hydro-Quebec's cost- control efforts and the flexibility of its investment programs.
 It should be noted that Hydro-Quebec's financial position for 1993 is in keeping with its forecasts. Profits for the first quarter of 1993 were $520 million. The utility has completed 50 percent of its financing program for the year at favorable conditions, and its liquidity is excellent.
 -0- 7/7/93
 /CONTACT: Yvan Cliche of Hydro-Quebec, Media Relations, 514-289-2315/


CO: Hydro-Quebec ST: Quebec IN: UTI SU: RTG

TM -- NY072 -- 9249 07/07/93 18:03 EDT
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Date:Jul 7, 1993
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