Weiss Ratings, Inc., the only provider of Y2K readiness ratings on banks, insurance companies, and Fortune 1000 companies, has found that the nation's largest companies are not as far ahead in y2k repairs as they would like you to believe.
The following is the distribution of ratings of the nonfinancial companies reviewed:
| Y2K Rating | Number of Companies |
| High | 51 |
| Average | 220 |
| Below Average | 208 |
| Low | 59 |
| Insufficient Data | 279 |
Overall, the 538 nonfinancial companies rated by Weiss have budgeted $26 billion for Y2K-related preparations, but have spent only $13.6 billion, barely half of the funds allocated. This indicates widespread delays and the likelihood of a major eleventh-hour rush to catch up as the end of the year approaches.
We are constantly told that the telecommunication industry is far ahead in its progress, yet we find this out:
Among 19 telecommunications firms rated, 68% received "below average" or "low" grades, with none receiving a "high" grade.
"I'm particularly concerned about the utilities and telecommunications industries, not only because they are essential to our everyday lives, but also because the majority of the companies in these industries tend to be lagging behind," said Dr. Weiss.
What about gas and electric utilities...industries that the rest of our industrial economy requires to function?
Among the 61 electric and gas utilities receiving a Weiss Y2K Rating, 69% received "below average" or "low" Y2K grades, while only 5% received "high" ratings. These statistics of the fortune 100 are available at: www.weissratings.com
|
Get These Daily Updates by E-mail
Enter e-mail address:
|
Home Page: Future, Doomsday, Year2000
