Printer Friendly

LINCOLN (NE) ELECTRIC SYSTEM REVENUE BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

 LINCOLN (NE) ELECTRIC SYSTEM REVENUE BONDS RATED 'AA-' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 17 /PRNewswire/ -- Lincoln, Nebraska, Electric System's (LES) $130 million electric system revenue refunding bonds power supply facilities, 1992 series A and 1992 series B, and $5 million electric system revenue refunding bonds distribution facilities, 1992 series A are rated 'AA-' by Fitch. In addition, approximately $183.3 million of outstanding power supply facilities bonds and $52.4 million outstanding distribution facilities bonds are rated 'AA-'. The credit trend is stable. The bonds are scheduled to sell through negotiation the week of Aug. 17 by a Goldman, Sachs & Co. syndicate.
 LES benefits from a diverse, low-cost generation mix, very competitive electric rates, and a solid, broad-based service area which includes Lincoln, Nebraska's capital. The nucleus of LES's power resource mix is the Laramie River Station, one of the best performing and lowest-cost coal-fired facilities in the nation. Together with several purchase power arrangements, existing baseload capacity should be sufficient to satisfy energy requirements beyond the year 2000, with additional peaking generation being required by 1996. Overall, LES's capital improvements through the forecast period are moderate and only modest rate increases are required. Average retail electric rates are extremely low at under 5.0 cents per kilowatt hour.
 While total debt service coverage on the power supply and distribution bonds has remained consistent at around 1.40 times, this is below the average of comparable electric utilities. This is the primary reason for not rating the bonds higher. Total system equity is also somewhat low at about 30 percent.
 -0- 8/17/92
 /CONTACT: Alan Spen, 212-908-0594, or Susan M. Courtney, 212-908-0503/ CO: Lincoln Electric System ST: Nebraska IN: UTI SU: RTG


PS -- NY067 -- 0609 08/17/92 15:13 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 17, 1992
Words:295
Previous Article:TVA ANNUAL INTEREST SAVINGS REACHES $200 MILLION
Next Article:COLUMBIA REAL ESTATE INVESTMENTS, INC. REPORTS RESULTS
Topics:


Related Articles
MONONGAHELA POWER $25 MILLION FIRST MORTGAGE BONDS 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
WASHINGTON PUBLIC POWER SUPPLY SYSTEM'S NUMBERS 1, 2, 3 SERIES 1992A BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
GRANT COUNTY (WA) PUBLIC UTILITY DISTRICT SECOND SERIES BONDS 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
LINCOLN ELECTRIC SYSTEM, NEBRASKA UPGRADED TO 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
MONONGAHELA POWER'S FIRST MORTGAGE BONDS AFFIRMED, PREFERRED DOWNGRADED BY FITCH -- FITCH FINANCIAL WIRE --
POTOMAC EDISON $65 MILLION 7-3/4% 1ST MORTGAGE BOND RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
POTOMAC EDISON $80 MILLION 1ST MORTGAGE BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
LINCOLN ELECTRIC COMMERCIAL PAPER RATED 'F-1+', RATINGS AFFIRMED BY FITCH; -- FITCH FINANCIAL WIRE --
Fitch Rates $100M Orlando Utility Commission Revenue Bonds 'AA+': Sr Lien Rating Under Review -- Fitch Financial Wire --
Fitch Rates LCRA Texas $204 Million Junior Lien Bonds 'AA-' -- Fitch Financial Wire --

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters