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ORANGE AND ROCKLAND UTILITIES, INC. $55 MILLION DEBENTURES RATED 'A+' BY DUFF 7 PHELPS

 CHICAGO, Feb. 25 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of A+' (Single-A-Plus) to Orange and Rockland Utilities, Inc.'s two-part offering consisting of $20 million 6.14 percent debentures due March 1, 2000 and $35 million 6.56 percent debentures due March 1, 2003. Proceeds will be used to refund first mortgage bonds.
 Orange and Rockland's conservative financial practices, together with regulatory support, should permit improvement in credit protection measures. Cash flow is sufficient to fully cover construction expenditures; however, reliance on purchased power is expected to increase. The company's service territory economy is relatively healthy. The equity ratio is expected to build, primarily through the absence of new debt financing and the retention of earnings.
 Orange and Rockland's recent gas rate settlement establishes a four-year rate plan which provides a first-year increase, effective Dec. 15, 1992, of 2.7 percent ($3.8 million). The plan also provides annual adjustments to recover certain cost increases, a weather normalization clause, and an allowed return on equity (ROE) of 11.65 percent with ROE incentives totaling 50 basis points.
 Orange and Rockland Utilities serves more than 252,000 electric customers and 106,900 gas customers in southeastern New York State and adjacent areas in northern New Jersey and northeastern Pennsylvania.
 -0- 2/25/93
 /CONTACT: John C. Dell of Duff & Phelps, 312-368-3161/
 (ORU)


CO: Orange and Rockland Utilities, Inc. ST: New York IN: UTI SU: RTG

SM -- NY077 -- 0504 02/25/93 15:33 EST
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Publication:PR Newswire
Date:Feb 25, 1993
Words:247
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