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Rating Action:

MOODY'S CONFIRMS RATINGS OF SPRINT CORPORATION (SR Baa1) AND WORLDCOM (SR A3)

13 Jul 2000
MOODY'S CONFIRMS RATINGS OF SPRINT CORPORATION (SR Baa1) AND WORLDCOM (SR A3) Moody's Investors Service has confirmed Sprint Corporation's Baa1 long- term debt ratings following the announcement that Worldcom and Sprint have called off their proposed merger. This action concludes the review that was initiated on October 5, 1999, following the announcement that WorldCom had agreed to acquire Sprint in a transaction valued at $129 billion. In addition, Moody's has confirmed Sprint's Prime-2 short-term debt rating. The rating outlook for Sprint is stable. The A3 rating on senior long term debt of WorldCom and its Prime-2 commercial paper rating were not on review and are confirmed with a stable outlook.

Sprint and WorldCom said they would terminate their merger agreement, following a decision by the US Justice Department to commence legal action seeking to impose conditions to the merger. The companies cited the terms of the Justice Department conditions and the timing of the related legal action in connection with their decision to terminate the merger. In accordance with the terms of the merger agreement, a mutual termination agreement will result in no break-up fee obligation by either party.

Sprint owns valuable assets, including an Internet backbone and a nationwide PCS network, which could serve to complement the product offerings of several global telecommunications operators. Prior to the Sprint/WorldCom merger announcement, a number of large telecommunications companies, including BellSouth, had expressed an interest in combining with Sprint. In this context, Moody's does not believe that the break-up of the merger discussions with WorldCom represents the conclusion of Sprint's merger and acquisition related activity.

The failure to complete the acquisition of Sprint leaves WorldCom with no mobile wireless offering, a significant gap in its product mix. We would expect any efforts to complete its product array, or otherwise alter its business mix, to be done in a prudent manner, balancing the needs of shareholders and debt holders.

Both Sprint and WorldCom are expected to be actively involved in the ongoing global consolidation of the telecommunications industry. Given the strong credit profiles of many of the potential merger candidates, the rating impact could well be positive for both Sprint and WorldCom, depending on the operating and financial strength of the resulting enterprises.

The ratings confirmed are:

Sprint Corporation -- senior unsecured notes, rated Baa1; senior unsecured shelf, rated (P)Baa1; long term issuer rating, Baa1; and Prime-2 short term debt rating.

Sprint Capital Corporation -- senior unsecured notes, rated Baa1; senior unsecured shelf, rated (P)Baa1: and Prime-2 short term debt rating.

Carolina Telephone & Telegraph Company -- senior unsecured notes, rated A2, senior unsecured self, rated (P)A2.

Central Telephone Company -- senior secured medium-term notes, rated A1.

Centel Capital Corp. -- senior unsecured notes, rated Baa1.

United Telecommunications Inc. -- senior unsecured notes, rated Baa1; senior unsecured medium-term notes, rated Baa1.

United Telephone Co. of Florida -- senior secured notes, rated A1.

United Telephone Co. of Ohio -- senior secured notes, rated A1; senior secured shelf, rated (P)A1.

United Telephone Co. of Pennsylvania -- senior secured notes, rated A1.

Sprint Spectrum L.P. -- senior unsecured notes, rated Baa2.

MCI WorldCom, Inc. -- senior unsecured notes, rated A3; senior unsecured bank credit facility, rated A3; senior unsecured shelf, rated (P)A3; subordinate shelf, rated (P)Baa1; Prime-2 short term debt rating.

MCI Communications Corporation -- senior unsecured notes, rated A3; senior unsecured medium-term notes, rated A3; long term issuer rating, A3; subordinate medium-term notes, rated Baa1; junior subordinate shelf, rated (P)Baa1.

MCI Capital I -- preferred stock, rated "baa1".

MCI Capital II -- preferred stock shelf, rated (P)"baa1".

MCI Capital III -- preferred stock shelf, rated (P)"baa1".

MCI Capital IV -- preferred stock shelf, rated (P)"baa1".

MCI WorldCom Synergies Management Co., Inc. -- preferred stock, rated "baa1".


Sprint Corporation is a global communications company headquartered in Westwood, Kansas.




MCI WorldCom, headquartered in Jackson, Mississippi, is one of the largest telecommunications companies in the United States, serving local, long distance and Internet customers domestically and internationally.


No Related Data.
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