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LILCO $817 MILLION DEBENTURES RATED 'BBB-' BY FITCH -- FITCH FINANCIAL WIRE --

 LILCO $817 MILLION DEBENTURES RATED 'BBB-' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, July 15 /PRNewswire/ -- Long Island Lighting Co.'s (LILCO) new issue of $817 million debentures is rated 'BBB-' by Fitch. The two- part issue consists of $397 million 7.3 percent debentures due 1999 and $420 million 8.9 percent debentures due 2019. The issue is a takedown from a previously rated shelf registration of debentures. 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- 7/15/92
 /CONTACT: Stephen Fedun of Fitch, 212-908-0568/
 (LIL) CO: Long Island Lighting Co. ST: New York IN: UTI SU: RTG


SH -- NY080 -- 9627 07/15/92 14:22 EDT
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Publication:PR Newswire
Date:Jul 15, 1992
Words:175
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