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UBS PaineWebber's Municipal Securities Group (MSG) Reports on Airport Credit Ratings

| Media Releases Americas

UBS PaineWebber's Municipal Securities Group (MSG) Strategy Team today published an update on airport credit ratings.

According to Brad Gewehr, UBS PaineWebber's director of Municipal Research, relatively few airport credit ratings have been downgraded since September 2001. The past year has certainly been difficult for the entire aviation industry," said Gewehr. But, it also illustrates the striking divergence in credit strength and resilience between airports and airlines." Despite the slow recovery in air traffic and the severe financial squeeze afflicting most major airlines, US airport credits have generally held up well.

Additional highlights of the report include:
* REGIONAL OUTLOOK-ECONOMIC GROWTH SLOWS IN THE PAST MONTH
* STATE RATING TRENDS-WEAKNESS PERSISTS WITH RECESSION


Produced monthly, The Municipal Market Strategist offers municipal investors a comprehensive assessment of the opportunities and risks within the municipal market. Targeted to institutional money managers, issuers of tax-exempt securities and individual investors, it considers the key issues of importance to municipal investors ranging from changes in the tax laws, to fundamental shifts in the credit outlook, to supply/demand dynamics, to the near-term cyclical outlook.

For the first half of 2002, the MSG ranked number one in negotiated senior managed underwriting with a more than sixteen and a half percent market share.

UBS PaineWebber serves the wealth management needs of more than 2 million clients with more than 8,300 financial advisors in 374 branch offices nationwide. UBS PaineWebber is one of four business groups of UBS AG along with UBS Warburg, UBS Global Asset Management and UBS Switzerland.

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