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DUKE POWER $60 MILLION CUMULATIVE PREFERRED STOCK 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Oct. 21 /PRNewswire/ -- Duke Power Co.'s 2.4 million shares of $25 cumulative perpetual preferred stock are rated 'AA-' by Fitch. The credit trend is stable.
 The ratings reflect a well-managed capital structure, constructive regulatory environment, a diverse electric generating mix, and exceptional nuclear operations, as well as growing but manageable construction requirements.
 Over the next several years, higher construction expenditures and a related rise in external financing requirements will exert pressure on credit quality measures. Forecast 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- 10/21/93
 /CONTACT: Robert Hornick of Fitch, 212-908-0564/


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

PS -- NY064 -- 5223 10/21/93 12:31 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
Words:172
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