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LILCO $420 MILLION DEBENTURES RATED 'BBB-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, March 17 /PRNewswire/ -- Long Island Lighting Co.'s (LILCO) $420 million debentures are rated 'BBB-' by Fitch. The issue includes $150 million 7.05 percent debentures due 2003 and $270 million 8.2 percent debentures due 2023. 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 for the mandatory redemption of $375 million of debentures and $40 million first mortgage bonds due April 1, 1993.
 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- 3/17/93
 /CONTACT: Stephen Fedun of Fitch, 212-908-0568/
 (LIL)


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

PS -- NY045 -- 7007 03/17/93 11:48 EST
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Publication:PR Newswire
Date:Mar 17, 1993
Words:156
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