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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Fleming who wrote (30947)	5/25/1999 4:52:00 PM
From: Ruffian	Respond to of 152472

Moody's Upgrades Qualcomm Rating, (story to follow) eom.

To: Jim Fleming who wrote (30947)	5/25/1999 4:55:00 PM
From: Ruffian	Read Replies (1) \| Respond to of 152472

Moody's Report Very Significant IMO> Dow Jones Newswires DJ Qualcomm On Watch For Upgrade By Moody's Dow Jones Newswires NEW YORK -- Moody's Investors Service Inc. said Tuesday it placed the ratings of QUALCOMM Inc. and QUALCOMM Financial Trust I on review for possible upgrade. Moody's said: "This review is prompted by the sale of Qualcomm's wireless infrastructure manufacturing business to Ericsson of Sweden, and the resolution of the intellectual property disputes between the two companies." The affected ratings are QUALCOMM Inc. $600 million senior unsecured credit facilities rated Ba2, QUALCOMM Financial Trust I $660 million of convertible preferred stock rated "b1," and the senior implied rating of Ba2. Moody's added that "Qualcomm's infrastructure business has been a drain on the company's cash flow and earnings, and also generated significant amounts of customer financing obligations. These obligations to customers of questionable credit worthiness have been a constraint on the ratings. ... "Moody's review will focus on the extent to which Qualcomm will be relieved of current and projected customer financing obligations, as well as the company's operating and financial strategies in the absence of the infrastructure manufacturing business and its associated financial obligations." With fiscal 1998 revenues over $3.3 billion, Qualcomm is a provider of digital wireless communications products and services based upon the company's CDMA digital technology. Briefing Book for: QCOM