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Article: DUFF & PHELPS CREDIT RATING CO. DOWNGRADES RATINGS OF GTE HAWAIIAN TELEPHONE COMPANY, INC.
- Article from:
- PR Newswire
- Article date:
- February 22, 1995
CopyrightCOPYRIGHT 1995 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO, Feb. 22 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has lowered its ratings on the debt of GTE Hawaiian Telephone Company, Inc. (GTE-H). The rating on GTE-H's first mortgage bonds has been lowered to 'A-' (Single-A-Minus) from 'A' (Single-A), and the rating on debentures to 'BBB+' (Triple-B-Plus) from 'A-' (Single-A-Minus). The 'BBB+' (Triple-B-Plus) rating applies to the $300 million shelf registration of debentures filed by GTE-H on February 17, 1995. In addition, the commercial paper rating has been lowered to 'D-1-' (One- Minus) from 'D-1'.
GTE-H's current ratings reflect the recent decline in its financial performance. Going forward, intrastate ...