Printer Friendly

DUKE POWER $100 MILLION SENIOR DEBT RATED 'AA', PREFERRED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Feb. 2 /PRNewswire/ -- Duke Power Co.'s new $100 million 6-5/8 percent issue of first and refunding mortgage bonds due 2/1/03 is rated "AA" by Fitch. A $50 million 7 percent series of sinking fund preferred stock is rated "AA-". Both issues are takedowns from previously rated shelf registrations. The credit trend is stable.
 The ratings reflect a well managed capital structure, solid generating diversity (61 percent nuclear, 37 percent coal, and 2 percent hydro and other), and constructive regulatory environment. Financial performance in 1992 was adversely impacted by higher operating and maintenance expenses, and a one-time rate refund of about $65 million after-tax. For the year ended Dec. 31, 1992, SEC fixed charge coverage was 3.48 times(x), compared to 3.85x the prior year. Excluding the one-time charge, SEC fixed charge coverage was a healthy 3.9x.
 Over the next several years, higher construction expenditures and a related rise in external financing requirements will exert pressure on credit quality measures. Forecasted expenditures are designated for a plant modernization program and, beginning in 1995, the replacement of the steam generators at the McGuire and Catawba nuclear units, and construction of 16 combustion turbines between 1995 and 1997. The expenditures will increase the company's net plant investment by about 10 percent annually. No new base load capacity is currently planned nor anticipated in the 1990s.
 -0- 2/2/93
 /CONTACT: Robert Hornick of Fitch, 212-908-0564.
 (DUK)


CO: Duke Power Co. ST: North Carolina IN: UTI SU: RTG

TS -- NY049 -- 1807 02/02/93 11:15 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 2, 1993
Words:262
Previous Article:NIELSEN CONTINUES COMMITMENT TO RETAILERS THROUGH THE RETAIL EXCHANGE
Next Article:FAMILY PHARMACISTS HELP OLDER AMERICANS REDUCE HEALTH CARE COSTS, STAY OUT OF HOSPITAL
Topics:


Related Articles
DUKE POWER $100 MILLION 7 PERCENT BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
DUKE POWER $200 MILLION SENIOR DEBT SHELF RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
DUKE POWER $200 MILLION SEVEN PERCENT FIRST AND REFUNDING MORTGAGE BONDS 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
DUKE POWER SENIOR DEBT SHELF RATED 'AA', PREFERRED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
SOUTHERN CALIFORNIA EDISON CO. 'AA' SENIOR DEBT, PREFERRED ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE --
DUKE POWER $150 MILLION 1ST & REFUNDING MORTGAGE BONDS 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
DUKE POWER $200 MILLION 8% MORTGAGE BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
DUKE POWER FIRST, REFUNDING MORTGAGE BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
DUKE POWER $700 MILLION SHELF FOR 1ST & REFUNDING MORTGAGE BONDS 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
Fitch Rates Duke Power $1B Shelf Registration Split 'AA'/'AA-' -- Fitch Financial Wire --

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters