DUFF/PHELPS LOWERS ATLANTIC CITY ELECTRIC <ATE>
Duff and Phelps said it lowered the
ratings on Atlantic City Electric Co first mortgage bonds,
collateralized pollution control revenue bonds and debentures
to DP-5 (high A) from DP-4 (low AA) and preferred stock to DP-6
(middle A) from DP-5, affecting about 500 mln dlrs in debt.
    The rating change is a result of a New Jersey Board of
Public Utilities' decision that lowered overall net rates by
15.9 mln dlrs, D and P said. The board disallowed about 22.4
mln dlrs of the utility's 239.8 mln dlrs investment in the Hope
Creek nuclear plant which will have to be written off by 1988.
 Reuter
