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UBS Financial Services Inc's Municipal Securities Group issues report on Pittsburgh's fiscal stress

| Media Releases Americas

NEW YORK, December 15, 2003 - UBS Financial Services Inc.'s Municipal Securities Group (MSG) Strategy Team today published an analysis on the city of Pittsburgh's current fiscal stress in its report The Municipal Market Strategist.

Although Moody's recently became the third rating agency to downgrade the city's general obligation bond to below investment grade, UBS analysts disagree with the rating agencies' opinions. We believe a low investment grade indicator would be more representative of Pittsburgh's credit quality," said Brad Gewehr, UBS Financial Services' director of municipal research. We continue to believe the rating agencies have acted precipitously in their downgrades," he added.

Also included in the analysis of Pittsburgh's status is an overview of how US Airways' potential departure would affect the airport.

The report also highlights a number of additional issues in the municipal market, including:

  • Strategy: MUNI new issue activitty to decline in 2004

  • Credit trends - continue to be dominated by state
    Downgrades - outlooks for next year vary by sector

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.

At year-end 2002, the MSG ranked number two in senior managed underwriting with a more than twelve percent market share.

UBS Wealth Management USA serves the wealth management needs of more than 2 million clients with more than 8,000 financial advisors in 363 branch offices nationwide under the name UBS Financial Services Inc. Wealth Management USA is one of three business groups of UBS AG along with Investment Bank and Global Asset Management.