S&P Lwrs COBALTS Tr for Sprint Cap Nts Ser 2002-1 Rtg

Business Wire, June 20, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--Standard & Poor's

June 20, 2002--Standard & Poor's today lowered its rating on COBALTS Trust for Sprint Capital Notes' series 2002-1 to triple-'B'-minus from triple-'B'-plus (see list).

The lowered rating is a result of the June 14, 2002 downgrade of Sprint Capital Corp.'s long-term corporate credit and senior unsecured debt ratings.

COBALTS Trust for Sprint Capital Notes is weak-linked to the rating of its underlying collateral, Sprint Capital Corp.'s debt. The lowered rating reflects the credit quality of the underlying securities issued by Sprint Capital Corp.

A copy of the Sprint Capital Corp.-related press release, dated June 14, 2002, is available on RatingsDirect, Standard & Poor's Web-based credit analysis system.

RATING LOWERED

COBALTS Trust for Sprint Capital Notes
$25 million corporate-backed listed trust securities ("COBALTS")
 trust series
Sprint Capital certs series 2002-1

                   Rating
                To       From
Securities      BBB-     BBB 

Copyright 2002, Standard & Poor's Ratings Services