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OHIO EDISON COMPANY $350 MILLION FIRST MORTGAGE BONDS (SHELF) RATED 'BBB+' $100 MILLION PREFERRED STOCK (SHELF) RATED 'BBB' BY DUFF & PHELPS

 CHICAGO, March 23 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of `BBB+' (Triple-B-Plus) to Ohio Edison Company's shelf registration for $350 million of first mortgage bonds. Combined with a previous filing, $450 million of first mortgage bonds are available for sale. A rating of `BBB' (Triple-B) is assigned to the company's shelf registration for $100 million of preferred stock. Proceeds will be used to retire outstanding securities and for general corporate purposes.
 The Rate Stabilization and Service Area Development Program approved by the Public Utility Commission of Ohio in October 1992 provides for a base rate freeze through 1997. Ongoing improvement in financial fundamentals is expected to be gradual. Cost controls and refinancing of higher cost debt are key to further strengthening of credit protection measures. The company continues its aggressive refinancing program. Other cost savings have been realized through reductions in workforce and capital expenditures.
 The Ohio Edison system includes Ohio Edison Company and its wholly- owned subsidiary Pennsylvania Power Company. The consolidated company serves over one million customers in a 9,000 square mile region of central and northeastern Ohio and western Pennsylvania.
 -0- 3/23/93
 /CONTACT: William A. Abrams, CFA of Duff & Phelps Credit Rating Co., 312-368-3112/
 (OEC)


CO: Ohio Edison Company ST: Ohio IN: UTI SU: RTG

PS -- NY033 -- 8609 03/23/93 10:57 EST
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Publication:PR Newswire
Date:Mar 23, 1993
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