NEW YORK, May 31 /PRNewswire/ -- 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, 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.
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Related links:
http://www.dcrco.com
CONTACT:
Thomas P. Razukas, CFA of DCR, 212-908-0223,
razukas@dcrco.com
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