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LILCO $57 MILLION PREFERRED STOCK RATED 'BBB-' BY FITCH -- FITCH FINANCIAL WIRE --

 LILCO $57 MILLION PREFERRED STOCK RATED 'BBB-' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, July 29 /PRNewswire/ -- Long Island Lighting Co.'s (LILCO) new issue of $57 million 7.66 percent preferred stock series CC due 2002 is rated 'BBB-' by Fitch. The issue is a takedown from a previously rated shelf registration. 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, the recent transfer of ownership of the Shoreham nuclear plant to the Long Island Power Authority, and the receipt of timely targeted rate increases, as per the 1989 settlement agreement, beyond 1993.
 -0- 7/29/92
 /CONTACT: Stephen Fedun of Fitch, 212-908-0568/
 (LIL) CO: Long Island Lighting Co. ST: New York IN: UTI SU: RTG


AH -- NY067 -- 4615 07/29/92 12:27 EDT
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Publication:PR Newswire
Date:Jul 29, 1992
Words:159
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