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Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: RobertSheldon who wrote (13197)	8/5/2001 8:46:55 PM
From: matt dillabough	Read Replies (1) \| Respond to of 15615

PRESS RELEASE: Global Crossing On Review-Down: Moody's Dow Jones News Service ~ August 3, 2001 ~ 3:43 pm EST Following is a press release from Moody's Investors Service: New York, August 03, 2001 -- Moody's Investors Service today placed the ratings of Global Crossing under review for possible downgrade. Moody's review will focus on the effects that current market conditions in the long-haul telecommunications sector on Global Crossing and the appropriateness of our current ratings. The ratings on review for possible downgrade are: Global Crossing Holdings, Inc. Senior Implied Ba1 Senior Secured Credit Facilities Ba1 9.125% Senior Notes due 2007 Ba2 8.7% Senior Notes due 2007 Ba2 9.625% Senior Notes due 2008 Ba2 9.5% Senior Notes due 2009 Ba2 10.5% Redeemable Preferred Stock B1 Global Crossing Ltd. 6.375% Convertible Preferred Stock B1 Recent financial results from Global Crossing have shown that the company is not immune from the effects of economic conditions generally and in the telecommunications industry particularly. While the company is still increasing the level of recurring service revenues it derives from its global network (as opposed to one-time IRU capacity sales), the transition to a business model increasingly weighted towards recurring service revenues and less dependent upon IRU sales appears to be slowing down. Moody's review will evaluate the effect of this change in revenue mix from our expectations and whether a Ba1 senior implied rating remains appropriate. Global Crossing is global telecommunications services provider whose network reaches over 100,000 route miles and 200 major cities. (END) DOW JONES NEWS 08-03-01 03:43 PM