(MONEY Magazine) – The shares of companies that have little or no long-term debt frequently offer an appealing combination of high growth and low risk, says David Leibowitz, a special-situations analyst at American Securities, a New York City brokerage. ''No-debt stocks are not burdened by high interest expenses, which enables such companies to get through hard times more easily and indicates that they can generate the capital internally that they need for the growth of their businesses,'' he says. Among low-debt stocks with consistent growth records, Leibowitz likes three issues traded on the New York Stock Exchange: Eldon Industries ($21.75), the manufacturer of an extensive line of office accessories such as letter trays and memo holders; International Flavors & Fragrances ($50), which creates flavorings for foods as well as scents used in cosmetics and soaps; and Wm. Wrigley Jr. ($40), the dominant chewing-gum firm with such brands as Hubba Bubba and Big League Chew. George Zimmerman, the director of research at the brokerage Gruntal in New York City, also likes such low-debt issues. His three top NYSE picks: A.G. Edwards ($17), a St. Louis-based brokerage that he says is ''one of the most efficient firms in the industry''; Long's Drug Stores ($37), a chain of 229 drugstores on the West Coast; and Weis Markets ($32), a Pennsylvania-based supermarket chain that has much higher margins than most supermarkets because it serves small and medium-size towns where there is little competition.