VIRGINIA ELECTRIC AND POWER COMPANY $100 MILLION FIRST AND REFUNDING MORTGAGE BONDS RATED 'A+'; $40 MILLION PREFERRED STOCK RATED 'A'
CHICAGO, Feb. 11 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of A+' (Single-A-Plus) to Virginia Electric and Power Company's $100 million 7-1/4 percent issuance of first and refunding mortgage bonds due Feb. 1, 2023. A rating of A' (Single-A) is assigned to the company's $40 million issuance of preferred stock. Virginia Electric Power Company has strong underlying fundamentals. Continued financial stability is expected as a result of increased equity, rate increases, sales growth, and lower borrowing costs. Debt protection measures are lower when adjusted for purchased power costs. Virginia Electric Power Company, a wholly-owned subsidiary of Dominion Resources, Inc., (NYSE: D) is Virginia's largest electric utility. It serves 1.7 million customers in a 30,000 square mile area in Virginia and northeastern North Carolina. -0- 2/11/93 /CONTACT: John C. Dell of Duff & Phelps, 312-368-3161/ (D)
CO: Virginia Electric and Power Company ST: Virginia IN: UTI SU: RTG
LR -- NY050 -- 5726 02/11/93 12:55 EST
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|Date:||Feb 11, 1993|
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