Printer Friendly

MICHCON $100 MILLION BONDS RATED 'A', BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 19 /PRNewswire/ -- Michigan Consolidated Gas Co.'s (MichCon) expected $100 million first mortgage bonds designated secured term notes, series B are rated "A" by Fitch. The new issue is a shelf registration takedown. In addition, MichCon's $320 million outstanding "A" first mortgage bonds, $6 million "A" preferred stock, and "F-1" commercial paper are affirmed. The credit trend is stable.
 Strong operating characteristics and balanced regulatory environment position MichCon to maintain a stable credit profile over the next several years. Considerable effort and expense has gone into strengthening MichCon's natural gas storage capability. FERC pipeline restructuring Order 636 will shift more of the responsibility for managing the gas supply function to local distribution companies. MichCon's substantial storage capabilities, integrated with diverse supply access will help the company secure a reliable, low-cost gas supply and strategically position it to participate in market expansion opportunities.
 Fitch expects continued recovery during 1993 of MichCon's financial protection measures, following weather-related weakening in 1990 and 1991. Additionally, MichCon will continue to exhibit a conservative balance sheet and generate strong cash flow, while having significant rate base growth.
 -0- 8/19/93
 /CONTACT: Ralph Pellecchia of Fitch, 212-908-0586/


CO: Michigan Consolidated Gas Co. ST: Michigan IN: UTI SU: RTG

SH -- NY062 -- 4398 08/19/93 14:30 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 19, 1993
Words:214
Previous Article:TEXAS COURT REVERSES REGULATORY DECISION; FAVORS MFS AND OTHER COMPETITIVE TELECOMMUNICATIONS PROVIDERS
Next Article:MONTANA NATURALS REPORTS SECOND QUARTER FINANCIAL RESULTS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters