DCR Issues Initial Public Rating for OCLI

Duff & Phelps Credit Rating Co. (DCR) has assigned a 'BBB' (Triple-B) initial public rating to the senior notes of Optical Coating Laboratory Inc. (OCLI). The rating affects $30 million of debt sold in an August 1998 private placement.

According to DCR, OCLI's revenues are well balanced among five broad, loosely defined markets: aerospace and instrumentation, display, office automation, telecommunications, and Flex Products, a 60%owned subsidiary.

Rating issues include OCLI's modest size, its portfolio of niche products possibly prone to technological or market obsolescence and its development of new products for promising but as yet untested markets.