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LILCO $688 MILLION SHELF RATED 'BBB/BBB-' BY FITCH -- FITCH FINANCIAL WIRE --

 LILCO $688 MILLION SHELF RATED 'BBB/BBB-' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Oct. 22 /PRNewswire/ -- Long Island Lighting Co.'s (LILCO) $688 million shelf registration of debt securities, to be issued in one or more series either as general and refunding bonds or as debentures, is rated "BBB" and "BBB-", respectively.
 Together with $17 million remaining from two previous filings, the company may sell as much as $705 million of debt securities. LILCO plans to use the proceeds to repay bank debt, maturing long-term debt, refund high-cost debt or preferred stock, to fund working capital and for general corporate purposes. The credit trend is improving.
 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.
 The company expects to receive an electric rate increase of about 4.1 percent in December under a previously approved rate settlement plan. The plan stipulates electric rate increases of 4.15 percent, 4.1 percent and 4.0 percent, respectively, effective Dec. 1, 1991, 1992 and 1993, based on an 11.6 percent return on common equity.
 -0- 10/22/92
 /CONTACT: Stephen Fedun of Fitch, 212-908-0568/
 (LIL) CO: Long Island Lighting Co. ST: New York IN: UTI SU: RTG


TS -- NY063 -- 3463 10/22/92 10:51 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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