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DUKE POWER COMPANY $425 MILLION BOND, NOTE SHELVES RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

DUKE POWER COMPANY $425 MILLION BOND, NOTE SHELVES RATED 'AA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Feb. 14 /PRNewswire/ -- Duke Power Co.'s new shelf registration for $200 million first and refunding mortgage bonds and $225 million medium-term notes are rated 'AA' by Fitch. Duke's outstanding $3.1 billion 'AA' first and refunding mortgage bonds, including $125 million medium-term notes, and York County, SC pollution control facility revenue refunding bonds, series 1990 are affirmed. The $740 million 'AA-' preferred stock is affirmed, as is its $86 million 'F-1+' commercial paper.
 The utility's overall financial condition has shown improvement and longer term prospects support the current ratings. Year-end 1991 SEC coverages were 3.85 times (x), up from 3.66x 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 two years, internal cash flow provided between 60 percent - 70 percent of capital expenditures. For the next two years, 1992-1993, construction expenditures including AFUDC but excluding nuclear fuel requirements are estimated at $1.82 billion. Internal cash generation should support about 70 percent of this total. Planned financings in 1992 include $100 million First and Refunding Mortgage bonds, $50 million preferred stock and appropriate refinancings.
 Duke Power, headquartered in Charlotte, North Carolina, provides electric service in North and South Carolina.
 -0- 2/14/92
 /CONTACT: Anne Faber of Fitch, 212-908-0566/
 (DUK) CO: Duke Power Co. ST: North Carolina, South Carolina IN: UTI SU: RTG AH -- NY071 -- 0389 02/14/92 17:06 EST
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Publication:PR Newswire
Date:Feb 14, 1992
Words:277
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