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Article: DCR LOWERS GTE HAWAIIAN TELEPHONE COMPANY INC.'S CREDIT RATINGS
- Article from:
- PR Newswire
- Article date:
- July 11, 1996
CopyrightCOPYRIGHT 1996 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, July 11 /PRNewswire/ -- Duff & Phelps Credit Rating Co. (DCR) has reduced the ratings of GTE Hawaiian Telephone Company Inc.'s (GTE Hawaiian) first mortgage bonds from `A-' (Single-A-Minus) to `BBB+' (Triple-B-Plus), its debentures from `BBB+' (Triple-B-Plus) to `BBB' (Triple-B) and commercial paper rating from `D-1-' (D-One-Minus) to `D-2' (D-Two). Approximately $475 million of outstanding debt and $150 million of unissued shelf debt is affected by the downgrade.
GTE Hawaiian's financial performance has been adversely affected by the lack of timely regulatory relief, low intrastate returns and higher- than-expected costs. Although hearings on the 1995 rate ...