However, CZN has a negative outlook due to the possibility that ELI's ownership will not be resolved until 2001, and in the interim CZN would have a much weaker credit profile than the current ratings represent.
At yearend 1998, CZN served approximately 1 million access lines in 13 states.
Because this is an asset purchase, CZN
will not assume any of the debt associated with these properties.
CZN was placed on Rating Watch-Down in May 1998 because of its plan to separate the telecommunications businesses from the public utilities businesses.
Nevertheless, DCR believes that the post-transaction credit measures of CZN and NewTelecom will be consistent with an investment-grade rating, but are likely to be significantly below the current rating.
CZN provides telecommunications and public services to approximately 1.
opened with strike prices of 15, 17-1/2 and 20, and position limits of 3,000 contracts.