SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
______________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 2, 1999
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
(Exact name of registrant as specified in its charter)
Vermont 1-8222 03-0111290
(State of other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
77 Grove Street, Rutland, Vermont 05701
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 802-773-2711
N/A
(Former name or former address, if changed since last report)
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Item 5. Other Events
On February 2, 1999, Standard & Poor's Corporation (Standard
& Poor's) lowered its corporate credit rating on the Company to
triple-'B'-minus from triple-'B', the senior secured rating
to triple-'B'-plus from single-'A'-minus, and the preferred stock
rating to double-'B'-plus from triple-'B'-minus. In addition,
the ratings were placed on CreditWatch with negative
implications.
Standard & Poor's stated, "The CreditWatch listing reflects
the potentially adverse impact of pending legal and regulatory
decisions that could seriously weaken the Company's credit
profile. The downgrades reflect increased business risk and
weakened financial measures as a result of recent regulatory
decisions in Vermont and New Hampshire and an adverse ruling by
the United States First Circuit Court of Appeals."
Standard & Poor's also said, "Resolution of the CreditWatch
listing will depend on the outcome of the pending Federal Energy
Regulatory Commission case and other legal proceedings at state
and federal levels, which could be resolved in 1999. Adequate
rate relief and successful mitigation of high power costs through
contract renegotiations or other methods are essential to
stabilizing the ratings."
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
BY James M. Pennington
James M. Pennington, Vice President and
Controller and Principal Accounting Officer
February 8, 1999
