Printer Friendly

MCI 'A-' SENIOR DEBT, 'BBB+' SUBORDINATED DEBENTURES ON FITCHALERT POSITIVE -- FITCH FINANCIAL WIRE --

 NEW YORK, June 2 /PRNewswire/ -- MCI Communications Corp.'s A-' senior debentures and BBB+' subordinate debentures are placed on FitchAlert with positive implications following today's announcement of British Telecommunication PLC's $4.3 billion investment in the company. Approximately $2 billion in debt is affected by the action. MCI's F-1' commercial paper rating is not on FitchAlert.
 MCI and British Telecom are proposing to form a strategic alliance to provide advanced global communications. The agreement in principle calls for the two companies to invest more than $1 billion in the new joint venture. The proposed alliance with British Telecom will bolster MCI's competitive position in the international communications market and significantly strengthen the company's capital structure and other credit quality measures. The partnership with British Telecom will allow MCI to better serve the vitally important multinational corporate customer segment and its growing, complex international communications needs.
 MCI initially will receive about $830 million on June 4, 1993 in exchange
for preferred stock convertible into MCI's common stock. The remaining $3.4 billion will be paid when the definitive agreement and all regulatory and stockholder approvals are completed. In addition to strengthening MCI's financial position, the cash infusion will provide the company with the resources to meet its ongoing capital needs and enable it to pursue other emerging opportunities, including development of wireless personal communications services in the U.S.
 MCI Communications is headquartered in Washington, D.C. British Telecom is headquartered in London.
 -0- 6/2/93
 /CONTACT: Timothy Cain of Fitch, 212-908-0587/
 (MCIC)


CO: MCI Communications Corp. ST: District of Columbia IN: TLS SU: RTG

SM -- NY054 -- 4501 06/02/93 13:20 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 2, 1993
Words:274
Previous Article:PANHANDLE EASTERN CORPORATION SAYS NO ADVERSE EFFECT ON CONSOLIDATED FINANCIAL RESULTS FROM COURT RULING
Next Article:USX COMPLETES OFFER OF EXCHANGE OF MONTHLY INTEREST GUARANTEED NOTES BY ITS MARATHON OIL COMPANY SUBSIDIARY
Topics:


Related Articles
CHEMICAL BANKING $4.1 BILLION SENIOR DEBT 'A' BY FITCH AFTER STOCK ISSUE -- FITCH FINANCIAL WIRE --
TOBACCO RATINGS OFF FITCHALERT AFTER SUPREME COURT DECISION -- FITCH FINANCIAL WIRE --
COMMONWEALTH EDISON SENIOR DEBT LOWERED TO 'BBB+', ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE
WELLS FARGO 'A' SENIOR DEBT, OTHER RATINGS ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE --
MCI COMMUNICATIONS $1.5 BILLION SENIOR NOTES, DEBENTURES RATED 'A-' BY FITCH -- FITCH FINANCIAL WIRE --
LONG DISTANCE CREDIT QUALITY SOLID ACCORDING TO FITCH -- FITCH FINANCIAL WIRE --
MCI DEBT REMAINS ON FITCHALERT POSITIVE AFTER ANNOUNCEMENT -- FITCH FINANCIAL WIRE --
MARGARETTEN FINANCIAL SENIOR DEBT RAISED TO 'A,' OFF FITCHALERT -- FITCH FINANCIAL WIRE --
Fitch Changes Ratings On $18 Billion Of Preferred Stock -- Fitch Financial Wire --
MCI Remains On FitchAlert Positive On News Corp. Purchase - Fitch Financial Wire -

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters