LONG ISLAND LIGHTING COMPANY $420 MILLION DEBENTURES RATED 'BBB-'
CHICAGO, March 17 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `BBB-' (Triple-B-Minus) to Long Island Lighting Company's (LILCO) two-part offering for $420 million of debentures: $150 million 7.05 percent non-callable debentures due March 15, 2003, and $270 million 8.20 percent 10-year non-callable debentures due March 15, 2023. LILCO's financial protection measures are expected to improve gradually. An active refunding program has sharply reduced the average cost of debt and preferred stock; however, leverage is expected to remain high over the intermediate term. Internal cash should cover approximately two-thirds of capital expenditures in the 1992-94 period, including Shoreham "post settlement" costs. An aggressive demand side management program is expected to minimize load growth. Continued regulatory support will be necessary to achieve the targeted improvement to credit protection measures contemplated by the 1989 Shoreham settlement agreement. LILCO provides electric and gas service in a 1,230 square mile area encompassing Nassau and Suffolk Counties and the Rockaway Peninsula in Queens County, all on Long Island, N.Y. -0- 3/17/93 /CONTACT: John C. Dell of Duff & Phelps Credit Rating Co., 312-368-3161/ (LIL)
CO: Long Island Lighting Company ST: New York IN: UTI SU: RTG
PS -- NY041 -- 6995 03/17/93 11:29 EST
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|Date:||Mar 17, 1993|
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