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Westinghouse Electric $350 Million Senior Unsecured Notes Rated 'A' By Fitch -- FITCH FINANCIAL WIRE --

 Westinghouse Electric $350 Million Senior Unsecured Notes
 Rated 'A' By Fitch -- FITCH FINANCIAL WIRE --
 NEW YORK, June 19 /PRNewswire/ -- Westinghouse Electric Corp.'s newly issued $350 million 8-3/8 percent senior unsecured notes are rated 'A' by Fitch. Affirmed are Westinghouse's $1.3 billion outstanding 'A' senior debt and its 'F-1' commercial paper program, of which $1.57 billion was outstanding on June 10. The credit trend is declining.
 The ratings reflect Westinghouse's substantial diversification in industrial markets and in financial services. For the most part, Westinghouse operates in industries in which it has a leading market position and strong global presence. Success in these segments provides Westinghouse with the necessary flexibility to deal adequately with problems at Westinghouse Financial Services.
 Westinghouse is organized into six nonfinancial operating segments. The three largest segments -- the Industries Group, Electronic Systems, and Power Systems -- accounted for approximately 70 percent of total sales and 75 percent of operating profit in 1991 before considering financial service revenues and losses. Total nonfinancial earnings before interest and taxes were $671 million in 1991, before combined losses of $1.5 billion from Westinghouse Financial Services. In 1990, non-financial operating profits were $1.3 billion before operating losses of $766 million from Financial Services. The losses at Financial Services are principally due to under-performing real estate and corporate loans, and losses in high yield bonds. Management has undertaken a major restructuring of its loan portfolio and is disposing of many under-performing assets.
 As part of the process of strengthening its balance sheet, Westinghouse last week raised $543 million through the sale of preferred equity redemption cumulative stock (PERCS). The PERCS are subject to mandatory conversion into common stock on Sept. 1, 1995.
 -0- 6/19/92
 /CONTACT: Phillip R. Brannon, 212-908-0578, or Keith B. Foley, 212-908-0572, both of Fitch/
 (WX) CO: Westinghouse Electric Corp. ST: Pennsylvania IN: UTI SU: RTG


CK -- NY023 -- 1860 06/19/92 10:53 EDT
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Publication:PR Newswire
Date:Jun 19, 1992
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