NOT an exxageration !
Here is the text of the Moody's article on the Dow Jones newswire service;
:22pm 08/05/02
Disney on review for possible downgrade by Moody's (DIS) By Julie Rannazzisi
Walt Disney (DIS) tumbled 8.5 percent and led the Dow on the downside after Moody's Investors Service placed the entertainment company's long-term rating on review for possible downgrade due to "ongoing concerns about the outlook for the company's theme park operations, uncertainty about viewer and advertiser share momentum at its ABC networks, and the company's high debt burden versus operating and free cash flow." The rating agency feels that the external environment -- including waning consumer confidence and ongoing geopolitical uncertainty -- will continue to challenge Disney. Further, Moody's said that because of ABC's lagging audience share, it may experience greater negative volatility should a "double dip" advertising recession take hold. On Friday, Disney shares tumbled 9 percent after issuing a cautious outlook when releasing its quarterly results. S&P followed by placing its credit rating on Disney on "CreditWatch with negative implications."