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Strategies & Market Trends : World Outlook

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To: Don Green who started this subject	5/27/2003 11:09:56 AM
From: Don Green	Read Replies (1) of 49343

David Bowie Bonds May Face Downgrade news.lycos.com Tuesday, May 27, 2003 9:52 a.m. ET NEW YORK (Reuters) - Moody's Investors Service said it may downgrade about $55 million of bonds backed by music royalties of rock music icon David Bowie in light of the sales slump in the recording industry. In 1997, Bowie was the first musician to sell bonds supported by future revenues generated from his record master and publishing rights. The sale of these asset-backed securities to private investors raised $55 million upfront for the British rocker. Since the Bowie deal, musicians and songwriters like James Brown and the Isley Brothers issued similar bonds backed by expected future revenues from their music catalogs. "The rating review was prompted by lower than expected revenues generated by the assets due to weakness in sales for recorded music as well as the recent downgrade of an entity that provides credit support to the transaction," the bond rating agency said. Moody's originally assigned the Bowie bonds an A3 rating, the seventh highest rating on its scale.

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