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Rating Action:

MOODY'S CONFIRMS RATINGS OF PPG INDUSTRIES, INC.; REVISES OUTLOOK TO NEGATIVE FROM STABLE

15 May 2002
MOODY'S CONFIRMS RATINGS OF PPG INDUSTRIES, INC.; REVISES OUTLOOK TO NEGATIVE FROM STABLE

Approximately $2.3 Billion of Debt Securities Affected.

New York, May 15, 2002 -- Moody's Investors Service has confirmed PPG Industries, Inc.'s senior unsecured debt ratings at A2, short-term debt ratings at Prime-1, and revised the outlook for the ratings to negative from stable. The rating action incorporates the potential favorable effects of the company's recently announced agreement for the settlement of all current and future personal injury claims against PPG and its 50% owned joint venture, Pittsburgh Corning (PC), for asbestos products manufactured, distributed or sold by the companies through an asbestos trust. If successfully approved, this agreement could remove an important contingent risk associated with the company. However in revising the rating outlook to negative, Moody's noted that according to the agreement, PPG will contribute significant funds to the proposed asbestos trust including cash, 1.4 million shares of PPG stock, the equity of Pittsburgh Corning Europe, and will also underwrite up to $30 million of costs to pursue claims against non-participating carriers, the present value of all these items is estimated at $500 million. In addition, PPG will contribute some of its third-party liability insurance to the proposed trust. Such a use of funds could restrict PPG's ability to improve its debt protection measures or its ability to reduce debt as rapidly as expected. Moreover, PPG operates in cyclical businesses and any erosion in its operating performance could further impair its credit metrics. The rating agency also noted that while the proposed settlement has been agreed to by the company, its insurers, and the Asbestos Claimants Committee, it remains subject to approval by the Bankruptcy Court, and may be contested. Prospectively, Moody's will assess as they occur any developments with respect to the proposed settlement and its potential impact on PPG, given its then-prevailing operating performance and market conditions. Any more onerous settlement or any further erosion of operating performance could adversely affect the ratings.

On May 14, 2002, PPG announced that it has entered into agreements with related parties to participate in a $2.7 billion trust, established in accordance with section 524(g) of the U.S. Bankruptcy Code, that will absolve it from all current and future claims related to asbestos product liabilities (excluding "premises" cases) for PPG, its subsidiaries, and PC. The ratings confirmation anticipates that PPG's proposed settlement of all product-related asbestos claims will be completed as currently structured and incorporates the expectation that PPG's revenues, cash flows and earnings will remain sufficient to support its operations as well as fund the cash disbursements incorporated by the proposed settlement.

Ratings confirmed are:

PPG Industries, Inc.. - A2 long-term rating for unsecured notes and industrial revenue bonds

PPG Industries, Inc. - (P)A2 long term rating for shelf registration for senior unsecured debt

PPG Industries, Inc. Employee Savings Plan I and II - A2 long-term rating for senior unsecured notes

PPG Industries, Inc. - Prime-1 short-term rating.

PPG Industries, Inc. Employee Savings Plan I and II - Prime-1 short term rating.

PPG Canada, Inc. - Prime-1 short-term rating.

PPG Industries Securities Inc. - Prime-1 short-term rating.

PPG Ireland International Finance Company Limited - Prime-1 short-term rating.

Moody's ratings reflect PPG's long record of strong earnings and cash flow generation, and its willingness and ability to curtail share repurchases and acquisitions during an economic contraction in order to maintain financial strength. Working capital management has been conservative and enabled the company to reduce debt during 2001. However, PPG's leverage remains above its targeted 30% to 40% debt/capitalization range as a result of acquisition activity undertaken in 1999 and the rating confirmation anticipates that PPG's leverage may not be reduced to its target range at the rate previously anticipated. Also incorporated in the rating confirmation is the expectation that PPG's $600 million 364-day revolving credit agreement will be renewed prior to its June 2002 maturity on substantially similar terms in an amount adequate to support the company's outstanding commercial paper.

PPG Industries, Inc., based in Pittsburgh, PA, generated revenues of approximately $8.1 billion in 2001.

New York
Michael J. Mulvaney
Managing Director
Corporate Finance
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Grace Kennedy
Asst Vice President - Analyst
Corporate Finance
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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