NY -- Standard & Poor's CreditWire 10/13/95 -- A recent proposal by Niagara Mohawk Power Corp. (double-`B' senior secured debt on CreditWatch with negative implications -- see Oct. 9, 1995 CreditWeek), if enacted, could have negative consequences for the New York State Power Authority's (NYPA) ratings. Standard & Poor's recently affirmed its double-`A'-minus rating on NYPA's $3.067 million general revenue bonds, its single-`A'- plus/`A-1' rating on the authority's $200 million adjustable-rate tender notes, and its `A-1' rating on NYPA's $50 million commercial paper (see Sept. 25, 1995 CreditWeek Municipal). Niagara Mohawk proposes to move the existing structure of the electric industry in the company's service territory at an accelerated pace toward an open competitive market, including direct access to the...
Companies mentioned in this report are: Niagara Mohawk Power Corp.
Action: New Rating
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