Company Press Release: Duff and Phelps Credit Rating Co.
June 1, 2000
NEW YORK, NY -- Duff & Phelps Credit Rating Co. (DCR) has lowered its ratings on Sunterra Corporation's (NYSE:
OWN) senior and subordinated notes to 'DD' (Double-D) from 'CCC' (Triple-C) following the company's announcement
that it and certain of its subsidiaries have filed Chapter 11 proceedings and obtained a commitment for debtor-in-possession
financing. This rating action follows DCR's recent downgrade to 'CCC' (Triple-C) and continuation of Rating Watch--Down
status on May 16, 2000. The ratings have now been removed from Rating Watch--Down.
OWN is the largest international owner and manager of vacation ownership resorts. For additional research on Sunterra
Corporation, visit DCR's web site at http://www.dcrco.com (Quick Search: Sunterra).
DCR's research is also available on Bloomberg at DCR<GO>, First Call's BondCall Direct/Research Direct at
http://www.firstcall.com and Multex at http://www.multex.com,
as well as through other third-party providers.
SOURCE: Duff and Phelps Credit Rating Co.