Moodys Investors Service Inc said it upgraded 924 mln dlrs of debt of Warner Communications Inc. Raised to Baa-1 from Ba-1 were the companys subordinated debt and Series A convertible exchangeable preferred stock. Moodys also affirmed Warners Prime-2 commercial paper. The agency cited substantial improvements in Warners operating performance a stronger balance sheet and favorable long-term prospects for its core business. Warners increased earnings and selective asset sales significantly reduced leverage and strengthened its equity base Moodys said. Fixed-charge coverages have also improved.
WARNER COMMUNICATIONS <WCI> UPGRADED BY MOODY'S