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DUFF & PHELPS RESPONDS TO ENSERCH'S ANNOUNCED SALE OF EBASCO

 CHICAGO, Nov. 17 /PRNewswire/ -- Duff & Phelps Credit Rating Co. views positively ENSERCH Corporation's announcement that it has finalized an agreement to sell the principal operating assets of Ebasco Services Incorporated and its subsidiaries. ENSERCH would receive approximately $210 million in cash from the sale of the engineering and construction assets in Ebasco's energy, infrastructure, and quality engineering businesses. ENSERCH, which has chosen to retain most of the accounts receivable, also could realize over $100 million in cash upon collection of the receivables.
 ENSERCH has been on Duff & Phelps' Rating Watch for potential upgrade since management outlined its strategic refocus on its fully integrated natural gas operations and its strengthened commitment to deleveraging the balance sheet. The sale of the engineering and construction subsidiary is consistent with ENSERCH's strategy. Proceeds from the sale are expected to be used to reduce debt. ENSERCH's fixed obligation ratio was 55 percent at June 30, 1993.
 Duff & Phelps Credit Rating Co. will re-examine the ratings of ENSERCH upon greater assurance that the sale will be completed as proposed and accompanied by a meaningful reduction in debt. ENSERCH's notes and debentures are rated `BBB-' (Triple-B-Minus), and convertible subordinated debentures and preferred stock `BB+' (Double-B-Plus).
 -0- 11/17/93
 /CONTACT: Lynda A. Housa of Duff & Phelps Credit Rating Co., 312-368-3156/
 (ENS)


CO: ENSERCH Corporation ST: Texas IN: OIL SU:

CK -- NY114 -- 5750 11/17/93 17:50 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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