CHICAGO, June 26, 2002 ? Focal Communications Corporation (Nasdaq: FCOM), a leading national communications provider of local phone and data services, had its corporate credit and unsecured debt ratings raised by Standard & Poor's, a reflection of the Company's relative financial strength. In addition, the Company was removed from CreditWatch and its outlook was revised to "developing."
"We are pleased that S&P has raised our ratings. Focal is one of the few telecom companies that is well-positioned despite the industry's difficulties," commented Kathleen Perone, president and chief executive officer of Focal. "In today's environment, to have an improved credit rating is quite an accomplishment. It further underscores the strength and growth potential of our enterprise business."
The below table indicates current S&P ratings issued yesterday, compared to those in effect prior to the Company's 2001 recapitalization:
About Focal
Focal Communications Corporation (www.focal.com) is a leading national communications provider. Focal offers a range of solutions, including local phone and data services, to communications-intensive customers. Nearly half of the Fortune 100 use Focal's services, in 23 top U.S. markets. Focal's common stock is traded on the Nasdaq National Market under the symbol FCOM.
Statements in this press release that are not strictly historical, including statements as to plans, intentions and future performance are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from the future results indicated, expressed or implied, in such forward-looking statements. Risks and uncertainties that could impact future events or results include macroeconomic developments (including, without limitation, consequences of the war on terrorism) affecting the global or national economy generally or the telecommunications industry in particular; the pace at which new competitors enter Focal's markets; the successful introduction and expansion of service offerings; competitive responses of other carriers; the execution and renewal of interconnection agreements with incumbent local exchange carriers on terms satisfactory to Focal; Focal's ability to enter into and maintain agreements for transport facilities and services, including Internet transit services; acceptance of Focal's services by new and existing customers; Focal's ability to attract and retain talented employees; the outcome of legal and regulatory proceedings regarding reciprocal compensation for Internet-related calls and the impact of changes in laws and regulations that govern reciprocal compensation; Focal's ability to obtain sufficient capital on acceptable terms and on a timely basis; Focal's ability to obtain and maintain any required governmental authorizations, franchises or permits, all in a timely manner, at reasonable costs and on satisfactory terms and conditions; regulatory, legislative, and judicial developments (including developments relating to reciprocal compensation) affecting the communications industry and our business; Focal's ability to collect its accounts receivable in a timely manner; and effective management of administrative, technical, operational, and financial issues presented by Focal's business plan. Investors are directed to examine Focal's SEC filings, which more fully describe the risks and uncertainties associated with Focal's business.
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