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WESTINGHOUSE CEO EXPRESSES DISAPPOINTMENT AT MOODY'S DOWNGRADE, SAYS RATING DOES NOT REFLECT POTENTIAL OF COMPANY'S CORE BUSINESSES

 PITTSBURGH, Jan. 7 /PRNewswire/ -- Michael H. Jordan, Westinghouse's (NYSE: WX) chairman and CEO, expressed his disappointment at the downgrade of Westinghouse's senior debt to less than investment grade by Moody's Investors Service.
 Jordan said, "I appreciate Moody's concern over the company's capital base. However, most of Westinghouse's core businesses hold key strategic positions in their industries and are expected to generate profits and cash flow necessary to improve the company's equity position."
 Jordan also noted that Westinghouse's equity has been significantly impacted by charges taken to liquidate assets of its financial services business and by non-cash charges associated with pension accounting rules.
 The corporation's long-term debt carries an investment grade rating by both S&P and Fitch, the two other rating agencies who rate the company's debt. "We don't believe Moody's action will materially impact our operations or financial condition or our ability to borrow in the capital markets," Jordan said.
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 /CONTACT: James P. Schmitt of Westinghouse, 412-642-4642/
 (WX)


CO: Westinghouse; Moody's Investors Service ST: Pennsylvania IN: OIL SU:

KC -- PG006 -- 0223 01/07/94 15:07 EST
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Publication:PR Newswire
Date:Jan 7, 1994
Words:183
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