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Technology Stocks : Infonet - Leader of Managed Data Communicaton Services
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To: JakeStraw who wrote (149)6/26/2001 8:11:26 AM
From: JakeStraw  Read Replies (1) of 241
 
Moody's Raises Infonet Debt Ratings
-Strength of Capital Structure and Financial Performance of the Company Are Cited
biz.yahoo.com
EL SEGUNDO, Calif.--(BUSINESS WIRE)--June 26, 2001--Infonet Services Corp. (NYSE:IN; FSE:IN) today announced that Moody's Investors Service has raised the ratings on the company's senior secured debt to Ba2 from Ba3. Moody's also raised the company's implied rating to Ba2 from Ba3 and its issuer rating to Ba3 from B2.

``We have always seen ourselves standing apart from the traditional telecom carriers,'' said Jose A. Collazo, Infonet's chairman, president and chief executive officer. ``Given the intense focus on the financial challenges facing the telecom industry, it is important to understand that Infonet delivers value-added networking services, not basic carrier services.

``With approximately $600 million in cash at year-end March 31, 2001, we are fully funded and poised to execute our long-term strategic plan. The action by Moody's is gratifying, as it is a reaffirmation of our strong financial position by an objective third party.''

The ratings upgrades, according to Moody's, were based on Infonet's financial performance, capital structure and its established customer base. Moody's also said the positive outlook reflected ``a belief that Infonet will improve its margins over the intermediate term,'' and that the ratings outlook was positive
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