Fitch Rates Morgan Stanley Dean Witter & Co.'s EUR450MM FRNs.

Business Editors

CHICAGO--(BUSINESS WIRE)--Feb. 2, 2001

Fitch, the international rating agency, has assigned a rating of `AA' to Morgan Stanley Dean Witter & Co.'s (MSDW) euro dollar floating-rate notes. A total of 450 million euro dollars with quarterly resets will be due February 2004.

The ratings for MSDW reflect the firm's solid position as a leading global securities firm, its strong and stable profitability relative to its peer group, and a well- capitalized, liquid balance sheet. Profitability reflects the successful integration and complementary strengths of the two predecessor firms - Morgan Stanley Group and Dean Witter, Discover & Co. In particular the firm's securities business has garnered leading positions in a majority of higher margin, institutional businesses and successfully levered its retail distribution capabilities. Asset management is an important contributor to overall profitability, generating relatively stable, recurring fee-based revenue that partially offsets the cyclical securities business segment. Balance sheet measures remain strong as the company prudently manages its funding and liquidity profile. The firm has raised substantial long-term debt and lengthened the debt maturity profile in order to weather periods of market illiquidity and appropriately match fund less liquid assets. Fitch expects little change in leverage ratios as capital generation remains strong through retained earnings.