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Technology Stocks : 360Networks - TSX - TSIX

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To: Sal Pugliese who started this subject	4/28/2001 12:19:51 PM
From: Dexter Lives On	of 449

360networks (TSX-TSE) 03:56 GMT-04:00 Saturday, April 28, 2001 $3.12, up 39 cents The shares of 360networks Inc. actually posted back-to-back gains, but it is little to celebrate as 360 has the dubious distinction of being the worst performer in the Toronto Stock Exchange 300 composite so far this year. It is down more than 80 per cent on concern that the company won't be able to get sufficient financing to build its planned 89,000-mile-long worldwide fibre-optic network by mid-year. Yesterday, there was more bad news for 360's long suffering shareholders. Moody's Investors Service Corp. indicated that it has put all its ratings for 360 on review for a possible downgrade. "The rating review reflects 360networks' financial performance and revised guidance that has fallen short of Moody's previous expectations and our concern that 360networks may face constraints in its ability to cover potential funding requirements, given the covenant structure of its existing credit facility and current investor sentiment," Moody's said in announcing the review. About $1.5-billion (U.S.) of debt securities are affected by the review. Copyright © 2001 The Globe and Mail globeinvestor.com

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