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Article: DCR Assigns 'BBB' Rating to GTE Hawaiian's $150 Million Debenture Offering
- Article from:
- PR Newswire
- Article date:
- September 10, 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, Sept. 10 /PRNewswire/ -- Duff & Phelps Credit Rating Co. (DCR) has assigned a 'BBB' (Triple-B) rating to GTE Hawaiian Telephone Company Inc.'s (GTE Hawaiian) $150 million 10-year noncallable debenture offering. Proceeds will be used to refinance short-term debt incurred to call first mortgage bonds and for general corporate purposes.
Our recently revised credit outlook for GTE Hawaiian reflects the persistent lack of timely regulatory relief, low intrastate returns and higher-than-anticipated costs. In June 1995, GTE Hawaiian was denied a $48 million rate increase request for its 1993 rate case. The company subsequently filed for a $74 million rate ...