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LILCO $142 MILLION 7 1/2 PERCENT DEBS RATED 'BBB-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Feb. 18 /PRNewswire/ -- Long Island Lighting Co.'s (LILCO) $142 million 7 1/2 percent debentures due 2007 are rated BBB-' by Fitch. The credit trend is improving. The issue is a takedown from a previously rated $688 million shelf registration. Proceeds of the sale will be used to redeem $135 million 8 5/8 percent outstanding general and refunding bonds, including $50 million due 2006 and $85 million due 2007, as well as to pay approximately $5.4 million of redemption premiums.
 The rating reflects the assurance of electric rate increases, with incentives, through December 1993, continued aggressive refinancing of high-cost debt and preferred stock, and a significant improvement in earnings quality, cash flow, and internal cash generation over the next several years.
 -0- 2/18/93
 /CONTACT: Stephen Fedun of Fitch, 212-908-0568/
 (LIL)


CO: Long Island Lighting Co. ST: New York IN: UTI SU: RTG

TM -- NY088 -- 8112 02/18/93 17:00 EST
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Feb 18, 1993
Words:158
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