WCGR - Williams Communications Group, Inc. Message Board

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Technology Stocks : WCGR - Williams Communications Group, Inc.

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To: jmhollen who started this subject	3/29/2002 4:01:21 PM
From: jmhollen	of 17

Fitch Ratings Upgrades WCG Note Trust To 'BBB'; Outlook Negative NEW YORK, Mar 22, 2002 (BUSINESS WIRE) -- WCG Note Trust/WCG Note Trust Corp., Inc.'s $1.4 billion 8.25% senior notes due 2004 are upgraded to 'BBB' from 'BBB-' by Fitch Ratings. The Rating Outlook is Negative. The rating action reflects the revised terms of the WCG Note Trust structure under which The Williams Companies, Inc. (WMB; 'BBB' senior unsecured debt rating, Negative Rating Outlook) has definitively agreed to make timely interest and principal payments on the underlying trust notes. Fitch has confirmed that this payment obligation ranks on a pari passu basis with WMB's outstanding 'BBB' rated senior unsecured debt obligations. Prior to the amendment, primary repayment sources for the trust notes included either payment or sale of a $1.5 billion senior note of Williams Communications Group ('CC' senior unsecured debt rating, Rating Watch Negative) held by the trust and/or the remarketing of WMB's mandatorily convertible preferred stock. CONTACT: Fitch Ratings Hugh Welton, 212/908-0746 (New York) Ralph Pellecchia, 212/908-0586 (New York) Media Relations: James Jockle, 212/908-0547 .

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