For each of the Companies, the ratio of earnings to fixed charges (Securities and Exchange Commission basis) for  the years ended December 31, 2003, 2002, 2001, 2000  and 1999 was:  sidiaries or proceeds from the sale of its securities or its inter- ests in its subsidiaries.  For information about restrictions on the payment of dividends by the Utilities and significant debt covenants, see Note C to the financial statements. For information on the Companies’ commercial paper program and revolving credit agreements with banks, see Note D to the financial statements. For each of the Companies, the common equity ratio at December 31, 2003, 2002 and 2001 was: The Utilities expect to finance their operations, capital require- ments and payment of dividends to Con Edison from internally generated funds and external borrowings. In December 2001, the PSC authorized the Utilities to issue up to $1.95 billion of debt securities prior to 2006, of which Con Edison of New York issued $195 million and $525 million of debt securities in 2003 and 2002, respectively. In addition, the PSC authorized the refunding of the Utilities’ outstanding debt securities and preferred stock.  The commercial paper of the Companies is rated P-1, A-1 and F1, respectively, by Moody’s Investor Service, Inc. (Moody’s), Standard & Poor’s Rating Services (S&P) and Fitch Ratings (Fitch). Con Edison’s unsecured debt is rated A2, A- and A-, respectively, by Moody’s, S&P and Fitch. The unsecured debt of the Utilities is rated A1, A and A+, respectively, by Moody’s, S&P and Fitch. A securities rating is subject to revision or with- drawal at any time by the assigning rating organization.  Con Edison’s unregulated subsidiaries have financed their  operations and capital requirements primarily with capital con- tributions from Con Edison, internally generated funds and external borrowings. See Note T to the financial statements. In August 2002, Congress appropriated funds for which Con Edison of New York is eligible to apply, to recover costs it incurred in connection with the World Trade Center attack. In accordance with procedural guidelines for disbursement of the federal funds, Con Edison of New York submitted its initial application for funds in October 2003 and received the first installment of $29 million on October 31, 2003. The Company will submit additional applications when appropriate. See Note R to the financial statements. 30 Con Edison Annual Report 2003 As of December 31, 2003 2002 2001 Con Edison 48.0 48.1 49.8 Con Edison of New York 49.3 46.6 47.2 O&R 55.1 53.6 50.0 Ear nings to Fixed Charges 2003 2002 2001 2000 1999 Con Edison 2.7 3.1 3.3 3.0 3.8 Con Edison of New York 3.4 3.4 3.7 3.2 4.2 O&R 4.4 3.3 3.5 3.4 2.5