Printer Friendly

IOWA-ILLINOIS GAS AND ELECTRIC COMPANY $65 MILLION FIRST MORTGAGE BONDS RATED 'AA-' BY DUFF & PHELPS

 CHICAGO, March 19 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `AA-' (Double-A-Minus) to Iowa-Illinois Gas and Electric Company's shelf registration for $65 million of first mortgage bonds.
 Iowa-Illinois Gas and Electric (IWG) has good fundamentals. The rating assumes a stable utility operating environment with modest levels of income from diversified activities. Recently, coverages have come under pressure due to increased operating and maintenance costs at the Quad-Cities Nuclear Station, of which IWG owns 25 percent. Also, sales growth has been somewhat slower than anticipated. IWG's current common dividend payout ratio is high for the company's current rating.
 In November 1992, the Iowa Utility Board approved a favorable settlement agreement providing rate increases of $10 million (5.5 percent) for electric operations and $5.1 million (3.9 percent) for gas operations. IWG also has filed for electric and gas rate increases in Illinois of $8.4 million (7.5 percent) and $3.2 million (5.9 million), respectively. A supportive ruling from the Illinois Commerce Commission will be important for maintenance of the company's credit profile. A final order in the Illinois case is expected in the third quarter of 1993.
 Iowa-Illinois Gas and Electric Company is a combination utility providing electricity and natural gas to more than 400,000 customers in parts of eastern Iowa and northwestern Illinois. The company also owns the Iowa-Illinois Investment Company which invests in diversified securities outside regulated utility operations. Investments in oil and gas properties add some risk.
 -0- 3/19/93
 /CONTACT: John C. Dell of Duff & Phelps Credit Rating Co., 312-368-3161/
 (IWG)


CO: Iowa-Illinois Gas and Electric Company ST: Iowa, Illinois IN: UTI SU: RTG

SM -- NY035 -- 7882 03/19/93 12:01 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:Mar 19, 1993
Words:287
Previous Article:DUFF & PHELPS RATES DEVELOPMENT AUTHORITY OF BARTOW, BIBB, COWETA AND PUTNAM COUNTIES (GEORGIA POWER COMPANY PROJECTS)
Next Article:HOUSTON LIGHTING & POWER $250 MILLION FIRST MORTGAGE BONDS RATED 'A+'
Topics:


Related Articles
IOWA-ILLINOIS G&E $60 MILLION FIRST MORTGAGE BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
CENTRAL AND SOUTH WEST UNIT OFFERS $65 MILLION OF 7-1/4 PERCENT FIRST MORTGAGE BONDS
DUFF & PHELPS: BALTIMORE GAS AND ELECTRIC COMPANY $350 MILLION FIRST REFUNDING MORTGAGE BONDS (SHELF) RATED 'AA-'
DUFF & PHELPS: PACIFIC GAS AND ELECTRIC COMPANY $300 MILLION FIRST AND REFUNDING MORTGAGE BONDS, SERIES 1993A, RATED 'A'
IOWA-ILLINOIS G&E $65 MILLION FIRST MORTGAGE SHELF RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
DUFF & PHELPS: SOUTHERN INDIANA GAS & ELECTRIC COMPANY $175 MILLION FIRST MORTGAGE BONDS AND PREFERRED STOCK (SHELF) RATED 'AA' AND 'AA-'
DUFF & PHELPS BALTIMORE GAS AND ELECTRIC COMPANY $375 MILLION FIRST REFUNDING MORTGAGE BONDS (SHELF) RATED 'AA-'
DUFF & PHELPS: IOWA-ILLINOIS GAS AND ELECTRIC CO. $10 MILLION PREFERENCE STOCK RATED 'A'; $100 MILLION FIRST MORTGAGE BONDS (SHELF) RATED 'AA-'
DUFF & PHELPS: PUBLIC SERVICE COMPANY OF COLORADO $134.5 MILLION COLLATERAL TRUST BONDS (SHELF) RATED 'BBB+'
IOWA-ILLINOIS G&E $100 MILLION 1ST MORTGAGE BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

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