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LILCO $22 MILLION 6.68 PERCENT PREFERRED RATED 'BBB-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Feb. 24 /PRNewswire/ -- Long Island Lighting Co.'s (LILCO) $22 million 6.68 percent preferred stock series GG due 1999 is rated BBB-' by Fitch. The credit trend is improving. The issue is a takedown from a previously rated shelf registration. Proceeds of the sale will be used to redeem $22 million of the company's series O preferred stock.
 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- 2/24/93
 /CONTACT: Stephen Fedun of Fitch, 212-908-0568/
 (LIL)


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

WB -- NY031 -- 9897 02/24/93 12:01 EST
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Feb 24, 1993
Words:134
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