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WISCONSIN PUBLIC SERVICE 'AA+' FIRST MORTGAGE BONDS AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 21 /PRNewswire/ -- Wisconsin Public Service Corp.'s $304 million 'AA+' first mortgage bonds are affirmed by Fitch. Its $51 million preferred stock is lowered to 'AA' from 'AA+'. The credit trend is stable.
 This conservative, well managed company has consistently demonstrated the ability to maintain appropriate financial protection measures commensurate with a strong 'AA' rating. The lower preferred rating reflects the planned issuance of an additional $40 million of preferred stock over the next several years to support growing construction spending including demand- side management programs.
 The company plans to install a 75mw (megawatt) combustion turbine this year and, subject to commission approval, plans to build a 93mw cogeneration facility in 1996 and a second 75mw combustion turbine in the late 1990s.
 The growing expenditures and expected decline in internal cash generation are mitigated by a historically supportive regulatory environment, a strong capitalization structure, a stable service territory economy and retail electric rates that are among the lowest 25 percent in the nation.
 As of Sept. 30, 1992, capitalization was 42.7 percent total debt, 6.5 percent preferred stock, and 50.8 percent common equity. Pretax interest coverage is expected to remain at a level approximating 4.0 percent over the next several years.
 The rating also recognizes the continued strong nuclear operation of the 41.2 percent owned and operated Kewaunee Nuclear Plant, the ongoing effort to significantly reduce the associated operating and maintenance costs and the potential replacement of the steam generators in the late 1990s.
 -0- 1/21/93
 /CONTACT: Stephen Fedun, 212-908-0568, of Fitch/
 (WPS)


CO: Wisconsin Public Service Corp. ST: Wisconsin IN: UTI SU: RTG

LR -- NY055 -- 7446 01/21/93 13:02 EST
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Publication:PR Newswire
Date:Jan 21, 1993
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