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DUFF & PHELPS RATES TEXAS UTILITIES ELECTRIC COMPANY

 -- Texas Utilities Electric Company
 $500 Million First Mortgage and Collateral Trust Bonds (Shelf)
 Rated "BBB"
 -- $50 Million Brazos River Authority (Texas)
 Collateralized Pollution Control Revenue Refunding Bonds,
 Series 1993 Rated "BBB"
 -- $90 Million Brazos River Authority (Texas)
 Collaterilized Pollution Control Revenue Bonds,
 Series 1993A Rated "BBB"
 (Texas Utilities Electric Company Projects)
 CHICAGO, April 12 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of "BBB" (Triple-B) to Texas Utilities Electric Company's shelf registration for $500 million of first mortgage and collateral trust bonds. Combined with a previous registration, $800 million of first mortgage and collateral trust bonds are available for sale. Proceeds primarily will be used for construction.
 Ratings of "BBB" (Triple-B) also have been assigned to Brazos River Authority's (Texas) proposed offerings for $50 million of collateralized pollution control revenue refunding bonds, Series 1993, and $90 million of collateralized pollution control revenue bonds, Series 1993A (Both Texas Utilities Electric Company projects). Proceeds will be used to refund outstanding collateralized pollution control revenue bonds. The bonds will be secured by Texas Utilities Electric's first mortgage bonds.
 Common equity issuances have helped Texas Utilities Electric maintain a firm financial base during a period of strong capital growth, and have cushioned the effect of the 1991 write-off associated with Unit 1 of the Comanche Peak nuclear project. Construction cuts, operating cost containment measures, and refundings of higher coupon debt have been undertaken.
 Texas Utilities Electric has made a substantial capital investment in the Comanche Peak nuclear project. A 1991 rate order to recover costs associated with Comanche Peak Unit 1 was stringent. In January 1993, the company filed for a $760 million (15.3 percent) annual increase in rates, primarily to recover its Comanche Peak 2 investment. Approximately $3.2 billion of the Unit 2 investment is not in rate base. The unit is scheduled for commercial operation mid-1993. Adequate rate relief for the second Comanche Peak unit will be important to sustained improvement in financial measures. A final order is expected in late 1993 or early 1994.
 -0- 4/12/93
 /CONTACT: William A. Abrams, CFA of Duff & Phelps Credit Rating Co., 312-368-3112/


CO: Texas Utilities Electric Company ST: Texas IN: UTI SU: RTG

TS -- NY059 -- 4816 04/12/93 13:51 EDT
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Publication:PR Newswire
Date:Apr 12, 1993
Words:373
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