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S.& P. reduced AT&T's ratings on its long-term debt to A- from A and its commercial paper rating to A2 from A1. S.& P. said the long-term ratings might be lowered again though it was unlikely to cut the commercial paper ratings again.
Moody's also said it might downgrade Enron's commercial paper rating.
Moody's also said it might downgrade Enron's commercial paper rating, which could make it harder for the company, the nation's largest energy-trading concern, to borrow the short-term cash it needs to run its trading business in the future.
Moody's cut Kmart's senior unsecured debt rating two notches to Ba2, its second-highest junk grade, from Baa3, and its commercial paper rating to not-prime from prime-3.
The rating for senior unsecured debt was lowered to A- from A and its short-term credit and commercial paper rating was cut to A-2 from A-1, Standard & Poor's said.
Instant fortunes and annual growth rates of more than 50%, feats that Indians learnt to think of as the norm during IT's headiest days, are unlikely in biotech.To illustrate why, Mrs Mazumdar Shaw hands over a slip of paper rating biotech against IT on a dozen attributes.
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But their commercial paper rates are a function of Alan Greenspan, not Bill Gross.
Most funds that buy commercial paper now largely restrict themselves to paper rated A-1 by the Standard & Poor's or P-1 by Moody's Investors Service.
The basic strategy with these conduits was to borrow at lower short-term commercial paper rates and lend at higher long-term rates.
Commercial paper rates have fallen markedly in the last few weeks, as have key rates like the London interbank offered rate, or Libor, the benchmark for trillions of dollars of corporate loans and home mortgages.
"These data, combined with persistent declines in commercial paper rates, are clear evidence of stabilization in the commercial paper market," said Tony Crescenzi, chief fixed-income strategist at Miller Tabak & Company.
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