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Technology Stocks : CUC Int'l- Cybermarketeer?
CD 5.710-5.3%Dec 26 9:30 AM EST
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To: Terry D who wrote (40)3/6/1997 10:18:00 PM
From: Todd D. Wiener   of 243
 
CUC Intl Conv Sub Notes Rated Baa2 By Moody's

AP-Dow Jones News Service

NEW YORK -- Moody's Investors Service said it assigned a Baa2 rating to CUC International, Inc.'s
convertible subordinated notes, due 2002, and placed the convertible subordinated rating of its
subsidiary, Sierra On-Line, Inc., under review for possible upgrade.

Moody's said: 'CUC's rating reflects its leading position as a provider of membership-based
consumer services, the diversity of its membership base and distribution channels, and its strong
financial performance. However, the rating also recognizes the challenges that the company faces in
the multimedia business and Moody's expectation that the company will maintain a strong balance
sheet while pursuing an aggressive acquisition strategy.

'The review of Sierra's rating will focus on the degree of support that will be provided by CUC.

Ratings assigned are:

Baa2 to convertible subordinated notes.

Ratings placed under review for possible upgrade are:

B3 rating of Sierra On-Line's convertible subordinated notes.

'Although Moody's expects the company's leverage to rise, it anticipates that management will
continue its prudent financial policies and maintain strong debt protection measurements,' Moody's
said.
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