DUFF & PHELPS RAISES MISSISSIPPI POWER & LIGHT COMPANY PREFERRED STOCK TO 'BBB-'
CHICAGO, Oct. 6 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has raised the rating on Mississippi Power & Light Company's preferred stock from "BB+" (Double-B-Plus) to "BBB-" (Triple-B-Minus). Mississippi Power & Light's first mortgage and general and refunding mortgage bonds are reaffirmed at "BBB" (Triple-B); non-collateralized pollution control bonds are reaffirmed at "BBB-" (Triple-B-Minus). The upgrade is reflective of the relatively small portion of unsecured debt in the capital structure, lower overall debt and interest expense, and the seasoning of Grand Gulf 1 purchased power cost recoveries. Despite sub-par demographics within the service territory, continued slow improvement in credit fundamentals is expected. With its manageable construction program and cost cutting measures, Mississippi Power & Light does not anticipate filing for rate relief in the foreseeable future. Mississippi Power & Light Company, a subsidiary of Entergy Corporation, provides electric service in the western Mississippi region. -0- 10/6/93 /CONTACT: John C. Dell of Duff & Phelps Credit Rating Co., 312-368-3161/ (ETR)
CO: Mississippi Power & Light Company; Entergy Corporation ST: Mississippi IN: UTI SU: RTG
TW -- NY043 -- 9319 10/06/93 12:03 EDT
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|Date:||Oct 6, 1993|
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