Printer Friendly

WISCONSIN ELECTRIC POWER COMPANY $100 MILLION FIRST MORTGAGE BONDS RATED 'AA+' $30 MILLION FIRST MORTGAGE BONDS RATED 'AA+'

 CHICAGO, March 3 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of AA+' (Double-A-Plus) to Wisconsin Electric Power Company's proposed issuances of $100 million 10-year non-callable first mortgage bonds due 2016, and $30 million non-callable first mortgage bonds due 1996. Proceeds will be used to refund higher cost debt.
 Wisconsin Electric Power has a conservative capital structure, good earnings quality, and an excellent record in operations and cost control. The company has been able to lower its average cost of debt by 100 basis points over the past year by refinancing higher cost debt. Wisconsin Electric Power is in a good position as it confronts an acceleration in its construction program. The company is adding peaking capacity to meet increased demand growth. Internally generated funds are expected to provide the majority of construction requirements through 1996; however, some new money financings are likely. A continuation of relatively supportive regulation will be necessary to prevent erosion in fundamentals.
 In February 1993, the Wisconsin Public Service Commission (WPSC) authorized Wisconsin Electric Power a $26.7 million (2.3 percent) electric rate increase. The company had requested $69.6 million (5.9 percent) based upon a 13.5 percent ROE. The WPSC order is based on a 12.3 percent ROE. Approximately one-half of the revenue requirement difference between the company's request and the WPSC's authorized rate increase is attributable to the lower ROE.
 Wisconsin Electric Power Company, the principal subsidiary of Wisconsin Energy Corporation, is the largest electric utility in Wisconsin. It serves approximately 900,000 customers in a 12,600 square mile area, including southeastern, east central, and northern Wisconsin as well as the Upper Peninsula of Michigan.
 -0- 3/3/93
 /CONTACT: William A. Abrams, CFA of Duff & Phelps Credit Rating Co., 312-368-3112/
 (WEC)


CO: Wisconsin Electric Power Company ST: Wisconsin IN: UTI SU: RTG

PS -- NY048 -- 2456 03/03/93 12:18 EST
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:Mar 3, 1993
Words:316
Previous Article:DUFF & PHELPS: ARIZONA PUBLIC SERVICE COMPANY $405 MILLION SECURED LEASE OBLIGATION BONDS (SHELF) RATED 'BBB-'
Next Article:NEW JERSEY POLLUTION PREVENTION PROGRAM FINAL REGULATIONS ISSUED TOMORROW
Topics:


Related Articles
DUKE POWER $100 MILLION 7 PERCENT BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
DUKE POWER SENIOR DEBT SHELF RATED 'AA', PREFERRED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
WISCONSIN ELECTRIC POWER CO. AGREES TO SELL FIRST MORTGAGE BONDS
WISCONSIN ELECTRIC AGREES TO SELL FIRST MORTGAGE BONDS
WISCONSIN ELECTRIC ANNOUNCES TENDER OFFER FOR $60 MILLION OUTSTANDING 9-1/8 PERCENT FIRST MORTGAGE BONDS
WISCONSIN ELECTRIC ANNOUNCES THE SALE $60 MILLION FIRST MORTGAGE BONDS
NORTHERN STATES (WIS.) $40 MILLION FIRST MORTGAGE BONDS DUE 2003 RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
CENTRAL AND SOUTH WEST CORPORATION UNIT OFFERS FIRST MORTGAGE BONDS
FITCH WITHDRAWS RATINGS ON FIFTEEN UTILITIES -- FITCH FINANCIAL WIRE --
DUFF & PHELPS PLACES CREDIT RATINGS OF NORTHERN STATES POWER CORPORATION AND WISCONSIN ELECTRIC POWER COMPANY ON RATING WATCH--DEVELOPING

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