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NORTHERN ILLINOIS GAS $50 MILLION FIRST MORTGAGE BONDS 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 28 /PRNewswire/ -- Northern Illinois Gas Co.'s (NI-Gas) shelf registration takedown of $50 million first mortgage bonds is rated 'AA+' by Fitch. Previously issued and outstanding first mortgage bonds are affirmed at 'AA+'. The credit trend is stable.
 Ratings for NI-Gas stem from a stable and broadly diversified natural gas customer base in utility operations, a very conservative balance sheet, excellent earnings quality, and predictable cash flows and coverages.
 NI-Gas's operating and financial fundamentals have held up exceptionally well during recent years. Looking ahead, the company's credit quality measures are expected to remain quite strong. During 1993 and beyond, pretax interest coverage should comfortably exceed 4.0 times (x). Internal cash generation of capital expenditure requirements should approximate or exceed 100 percent. Long-term debt to capital should remain in the 38 percent-42 percent range. Total debt, including intra-year seasonal borrowings, should periodically peak at around 50 percent of overall year-end capitalization. Temporary heating-season borrowings are expected to be paid off completely each spring.
 -0- 4/28/93
 /CONTACT: William Stellenwerf, CPA of Fitch, 212-908-0558/


CO: Northern Illinois Gas Co. ST: Illinois IN: OIL SU: RTG

PS -- NY072 -- 2040 04/28/93 12:34 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
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