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DUKE POWER $375 MILLION DEBT, PREFERRED SHELVES RATED BY FITCH -- FITCH FINANCIAL WIRE --

 DUKE POWER $375 MILLION DEBT, PREFERRED SHELVES RATED BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, April 8 /PRNewswire/ -- Duke Power Co.'s shelf registration of $275 million first and refunding mortgage bonds, including $100 million medium-term notes, is rated "AA" by Fitch, A $100 million preferred stock shelf is rated "AA-".
 The utility's overall financial condition has shown improvement and longer term prospects support the current rating. Year-end 1991 pre-tax coverages were 4.00 times (x), up from 3.81x a year earlier due to a 2.7 percent increase in kilowatt hour sales and expense control measures. This well managed utility is soundly capitalized with solid generating diversity (64 percent nuclear, 34 percent coal, and 2 percent hydro and other).
 Over the past three years, internal cash flow provided around 80 percent of capital expenditures. For the three years 1992-1994, construction expenditures including AFUDC but excluding nuclear fuel requirements are estimated at $2.25 billion. Internal cash generation should support about 80 percent of this total.
 Duke Power, headquartered in Charlotte, N.C., provides electric service in North and South Carolina.
 -0- 4/8/92
 /CONTACT: Anne Faber of Fitch, 212-908-0566/
 (DUK) CO: Duke Power Co. ST: North Carolina IN: UTI SU: RTG


SH -- NY091 -- 6384 04/08/92 15:43 EDT
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Publication:PR Newswire
Date:Apr 8, 1992
Words:213
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