S&PCORRECT:Venezuelan Utilities,CANTV and EDC Downgraded Following Sovereign Rating Action Dec 02

Standard & Poors, December 2002

Abstract
(Editor's Note: The press release published earlier today had an incorrect dateline.) NEW YORK (Standard & Poor's) Dec. 13, 2002--Standard & Poor's Ratings Services said today that it lowered its foreign currency corporate credit ratings on two Venezuelan utilities, Compania Anonima Nacional Telefonos de Venezuela (CANTV) and C.A. La Electricidad De Caracas (EDC), to 'CCC+' from 'B-', following a similar action taken on the ratings of the Bolivarian Republic of Venezuela. The outlook on CANTV and EDC's ratings remains negative. The sovereign downgrade reflects the increasing probability of default given the environment of growing political polarization, critical social divisions, and economic paralysis due to the ongoing strikes. The manner in which the political impasse could be resolved remains uncertain as...

Companies mentioned in this report are:
- C.A. La Electricidad De Caracas
- Telefonica S.A.
- The AES Corp.
- Compania Anonima Nacional Telefonos de Venezuela
- Verizon Communications Inc.

Action: Downgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- C.A. La Electricidad De Caracas
- Telefonica S.A.
- The AES Corp.
- Compania Anonima Nacional Telefonos de Venezuela
- Verizon Communications Inc.

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