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Article: DCR RATES $150 MILLION DEBENTURES OF GTE HAWAIIAN TELEPHONE COMPANY, INC. 'BBB+'
- Article from:
- PR Newswire
- Article date:
- August 3, 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, Aug. 2 /PRNewswire/ -- Duff & Phelps Credit Rating Co. (DCR) has assigned a rating of 'BBB+' (Triple-B-Plus) to a $150 million debenture offering of GTE Hawaiian Telephone Company, Inc. due in 2006. The company intends to use the proceeds to reduce short-term debt.
GTE Hawaiian's current ratings reflect the decline in its financial performance over the past few years. Intrastate earned returns are likely to remain below average in light of a recent negative Hawaiian Public Service Commission ruling, which denied further rate relief in the near term. Partially offsetting this lack of regulatory support has been the company's aggressive cost-cutting efforts. ...