S&P Lwrs Rtg on Cedar Int. Securities' Notes To 'A-'

Business Wire, March 30, 2001

Business Editors

LONDON--(BUSINESS WIRE)--March 30, 2001

Standard & Poor's CreditWire) March 30, 2001--Standard & Poor's today lowered its rating on the JPY2.1 billion 2.88% notes series 1996-1 issued by Cedar International Securities Ltd. to single-'A'-minus from single-'A'.

The rating action is a consequence of the downgrade of the rating of Philip Morris Cos. Inc.'s $350 million 7.125% notes, which acts as support to the series 1996-1 issuance by Cedar International Securities Ltd., to single-'A'-minus from single-'A', on March 29, 2001, Standard & Poor's said. -- CreditWire

Copyright 2001, Standard & Poor's Ratings Services