NY -- Standard&Poor's CreditWire 3/15/96 -- Standard&Poor's rating on Duke Power Co. (double-`A'-minus senior secured debt, stable outlook) is unaffected by the utility's announcement that it will repurchase up to $1 billion in common stock over the next five years. The financial impact associated with the size of the proposed repurchase program is mitigated by increased cash flow levels expected from levelization of Catawba Nuclear Station purchased power costs and decreased construction expenditures. Duke Power, which sold 87% of its Catawba Nuclear Station in 1987, maintains contracts with the joint owners of the facility to purchase power. Duke's purchased power costs are reimbursed by the North Carolina and South Carolina retail jurisdictions on a levelized basis.
