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Technology Stocks : WCOM -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (10673)	6/17/2002 5:58:52 PM
From: John Curtis	Read Replies (2) \| Respond to of 11568

Tejek, et.al. Tit for tat? Jeeezus....first the little S&P torpedo, and now the WCOM counter: biz.yahoo.com Monday June 17, 5:46 pm Eastern Time Press Release SOURCE: WorldCom, Inc. WorldCom Responds to S&P Action CLINTON, Miss., June 17 /PRNewswire-FirstCall/ -- Standard & Poor's today lowered WorldCom Inc.'s corporate credit rating. The following statement should be attributed to Susan Mayer, WorldCom senior vice president and treasurer: "WorldCom's negotiations with its banks on a new $5 billion bank credit facility continue to go well. Our lead banks are supportive and, in fact, have committed about $450 million of new money to the deal, which means the Company only needs to raise about $300 million from other banks to reach the expected $5 billion level. "Flexibility in the new credit facility is of most importance to us. With plenty of cash on hand and no debt maturing over the next six months, it does not matter whether the new facility is in place today or any date later this summer. It is much more important that WorldCom secure the best terms possible rather than just rush to get a deal done. The banks and WorldCom are both incented to complete this process as soon as possible. "Nevertheless, S&P's action today has absolutely no impact on WorldCom's credit facility negotiations, our operations or our customers." *********** It's been some time since I've seen this kind of on-going "tit for tat" action between a company and institutions like S&P, Moodys, et.al. Each institutional thrust is being met fairly rapidly by company counterthrusts. Amazing. Clearly there's a bit of a war going on between all parties, eh? And who's getting caught in the cross-fire? Your average investor. Go figure.... WCOM afterhours back at $1.51 x $1.52. Tomorrow should be yet another interesting intraday. John~