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LILCO $363 MILLION 7.95 PERCENT PREFERRED STOCK RATED 'BBB-' BY FITCH -- FITCH FINANCIAL WIRE --

LILCO $363 MILLION 7.95 PERCENT PREFERRED STOCK RATED 'BBB-' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, May 22 /PRNewswire/ -- Long Island Lighting Co.'s (LILCO) $363 million 7.95 percent preferred stock Series AA is rated "BBB-" by Fitch. The issue is a takedown from a $490 million shelf registration rated by Fitch on April 23. The credit trend is improving.
 LILCO is assured of electric rate increases through December 1993 which include unique revenue and fuel ratemaking mechanisms. The ratings also reflect the continued aggressive refinancing of high cost debt and preferred stock, low acid rain exposure, and the recent transfer of ownership of the Shoreham nuclear plant to the Long Island Power Authority.
 -0- 5/22/92
 /CONTACT: Stephen Fedun of Fitch, 212-908-0568/
 (LIL) CO: Long Island Lighting Co. ST: New York IN: UTI SU: RTG


SH -- NY009 -- 3209 05/22/92 10:02 EDT
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Publication:PR Newswire
Date:May 22, 1992
Words:148
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