Fitch Rates Morgan Stanley Dean Witter & Co.'s EUR350MM FRNs

Business Wire, August 11, 2000

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 11, 2000

Fitch, the international rating agency, has assigned a rating of `AA' to Morgan Stanley Dean Witter & Co.'s (MSDW) eurodollar floating-rate notes. A total of 350 million euro dollars in floating-rate securities was priced at 40 basis above three-month EURIBOR. The notes are due Aug. 23, 2007.

Fitch's ratings reflect MSDW's strong market position in its main business segments, its consistent and diversified profits, and the firm's record operating performance through 1999. Additionally, the firm's ratings also incorporate a highly liquid and reasonably leveraged balance sheet, effective risk-management infrastructure, sound alternative liquidity/contingency funding plans, and prudent holding company financial policies and funding structure. Earnings volatility at MSDW has been minimal as the revenue and earnings from retail brokerage, asset management and credit cards remain healthy. Profitability measures for year to date 2000 reflect continued strength growth in earnings with significant contributions from its investment banking activities and growth overseas.

The current strategic expansion of credit card and retail operations into the UK and Japan, respectively, reflects a conservative approach to the firm's continuing search for growth opportunities, core franchise strength and incremental diversification. While MSDW continues substantial common stock repurchase activity, strong internal capital generation and compensation-related issuance have offset this and leverage measures remain conservative in a comparative context. DCR views MSDW's Rating Outlook as Stable.

Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide.