What is the main reason for these credit rating downgrades?

The 8-K filing itself does not detail the specific reasons provided by Moody's and Standard & Poor's for the downgrades. However, significant credit rating downgrades typically reflect increased financial risk, concerns about a company's ability to meet its debt obligations, or a deterioration in its operating performance and outlook.

What is the significance of the 'Statements Under Oath' from the CEO and CFO?

These sworn statements, required by an SEC order, are certifications by the principal executive and financial officers that, to their knowledge, the company's past SEC filings were accurate and did not contain material misstatements or omissions. This is part of a broader regulatory initiative following accounting scandals to enhance corporate accountability and investor confidence.

How might these credit rating downgrades impact Corning?

Credit rating downgrades can increase borrowing costs for Corning, potentially making it more expensive to raise capital through debt. It could also affect the company's relationships with lenders, suppliers, and customers who may view the lower ratings as an indicator of increased financial risk. A negative outlook suggests these agencies anticipate potential further deterioration or challenges.

When were these sworn statements made and filed?

The Statements Under Oath were signed by the CEO and CFO on July 24, 2002. They were filed with the SEC on July 26, 2002, and are being furnished with this 8-K report filed on July 30, 2002.

GLW 8-K SEC Disclosure — Jul 30, 2002

Summary

Corning Incorporated (GLW) filed an 8-K report on July 30, 2002, primarily to disclose significant credit rating downgrades and to furnish sworn statements from its CEO and CFO regarding the accuracy of its SEC filings. Moody's Investors Service downgraded Corning's long-term debt rating from Baa3 to Ba2 and short-term debt rating from Prime-3 to Not Prime. Concurrently, Standard and Poor's lowered its long-term debt rating from BBB- to BB+ and short-term debt rating from A-3 to B. Both agencies maintained negative outlooks, signaling ongoing concerns about the company's financial health and creditworthiness. In addition to the credit rating news, the filing includes Statements Under Oath signed by Chairman and CEO James R. Houghton and Vice Chairman and CFO James B. Flaws on July 24, 2002, and furnished with this 8-K on July 26, 2002. These statements attest that, to their best knowledge, Corning's past SEC filings did not contain material misstatements or omissions. This disclosure is made in the context of SEC Order No. 4-460 requiring such certifications following the company's second-quarter 10-Q filing.

Key Highlights

1Moody's Investors Service downgraded Corning's long-term debt rating from Baa3 to Ba2.
2Moody's also downgraded Corning's short-term debt rating from Prime-3 to Not Prime.
3Standard and Poor's downgraded Corning's long-term debt rating from BBB- to BB+.
4Standard and Poor's downgraded Corning's short-term debt rating from A-3 to B.
5Both credit rating agencies maintained negative outlooks for Corning.
6CEO and CFO provided sworn statements attesting to the accuracy of prior SEC filings as of July 24, 2002.
7The sworn statements were furnished as exhibits to the 8-K filing.

CORNING INC /NY 8-K Report (Jul 30, 2002)

Summary

Key Highlights

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