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• `` The recent disarray in the junk bond market suggests that brokers may become longer-term creditors than they anticipated and may face long delays '' in * getting their money back , says 0 *T*-2 Jeffrey Bowman , a vice president at S&P , which *T*-1 raised a warning flag for the industry in [<sub>ARGM-TMP</sub> April] when [<sub>ARG0</sub> it] [<sub>rel</sub> downgraded] [<sub>ARG1</sub> CS First Boston] *T*-3 .
• [<sub>rel</sub> Downgraded] [<sub>ARG1</sub> *-1] by [<sub>ARG0-by</sub> Moody 's] were *T*-3 Houston Lighting 's first-mortgage bonds and secured pollution-control bonds to single-A-3 from single-A-2 ; unsecured pollution-control bonds to [<sub>ARG4-to</sub> Baa-1] from [<sub>ARG3-from</sub> single-A-3] ; preferred stock to single-A-3 from single-A-2 ; a shelf registration for preferred stock to a preliminary rating of single-A-3 from a preliminary rating of single-A-2 ; two shelf registrations for collateralized debt securities to a preliminary rating of single-A-3 from a preliminary rating of single-A-2 , and the unit 's rating for commercial paper to Prime-2 from Prime-1 .
• [<sub>rel</sub> Downgraded] [<sub>ARG1</sub> *-1] by [<sub>ARG0-by</sub> Moody 's] were *T*-3 Houston Lighting 's first-mortgage bonds and secured pollution-control bonds to single-A-3 from single-A-2 ; unsecured pollution-control bonds to Baa-1 from single-A-3 ; preferred stock to [<sub>ARG4-to</sub> single-A-3] from [<sub>ARG3-from</sub> single-A-2] ; a shelf registration for preferred stock to a preliminary rating of single-A-3 from a preliminary rating of single-A-2 ; two shelf registrations for collateralized debt securities to a preliminary rating of single-A-3 from a preliminary rating of single-A-2 , and the unit 's rating for commercial paper to Prime-2 from Prime-1 .
• [<sub>rel</sub> Downgraded] [<sub>ARG1</sub> *-1] by [<sub>ARG0-by</sub> Moody 's] were *T*-3 Houston Lighting 's first-mortgage bonds and secured pollution-control bonds to single-A-3 from single-A-2 ; unsecured pollution-control bonds to Baa-1 from single-A-3 ; preferred stock to single-A-3 from single-A-2 ; a shelf registration for preferred stock to [<sub>ARG4-to</sub> a preliminary rating of single-A-3] from [<sub>ARG3-from</sub> a preliminary rating of single-A-2] ; two shelf registrations for collateralized debt securities to a preliminary rating of single-A-3 from a preliminary rating of single-A-2 , and the unit 's rating for commercial paper to Prime-2 from Prime-1 .
• [<sub>rel</sub> Downgraded] [<sub>ARG1</sub> *-1] by [<sub>ARG0-by</sub> Moody 's] were *T*-3 Houston Lighting 's first-mortgage bonds and secured pollution-control bonds to single-A-3 from single-A-2 ; unsecured pollution-control bonds to Baa-1 from single-A-3 ; preferred stock to single-A-3 from single-A-2 ; a shelf registration for preferred stock to a preliminary rating of single-A-3 from a preliminary rating of single-A-2 ; two shelf registrations for collateralized debt securities to [<sub>ARG4-to</sub> a preliminary rating of single-A-3] from [<sub>ARG3</sub> a preliminary rating of single-A-2] , and the unit 's rating for commercial paper to Prime-2 from Prime-1 .
• [<sub>rel</sub> Downgraded] [<sub>ARG1</sub> *-1] by [<sub>ARG0-by</sub> Moody 's] were *T*-3 Houston Lighting 's first-mortgage bonds and secured pollution-control bonds to [<sub>ARG4-to</sub> single-A-3] from [<sub>ARG3-from</sub> single-A-2] ; unsecured pollution-control bonds to Baa-1 from single-A-3 ; preferred stock to single-A-3 from single-A-2 ; a shelf registration for preferred stock to a preliminary rating of single-A-3 from a preliminary rating of single-A-2 ; two shelf registrations for collateralized debt securities to a preliminary rating of single-A-3 from a preliminary rating of single-A-2 , and the unit 's rating for commercial paper to Prime-2 from Prime-1 .
• [<sub>rel</sub> Downgraded] [<sub>ARG1</sub> *-1] by [<sub>ARG0-by</sub> Moody 's] were *T*-3 Houston Lighting 's first-mortgage bonds and secured pollution-control bonds to single-A-3 from single-A-2 ; unsecured pollution-control bonds to Baa-1 from single-A-3 ; preferred stock to single-A-3 from single-A-2 ; a shelf registration for preferred stock to a preliminary rating of single-A-3 from a preliminary rating of single-A-2 ; two shelf registrations for collateralized debt securities to a preliminary rating of single-A-3 from a preliminary rating of single-A-2 , and the unit 's rating for commercial paper to [<sub>ARG4</sub> Prime-2] from [<sub>ARG3</sub> Prime-1] .
• In [<sub>ARG0</sub> *-1] [<sub>rel</sub> downgrading] [<sub>ARG1</sub> CS First Boston 's subordinated domestic , Euromarket and Swiss debt] to [<sub>ARG4-to</sub> single-A-3] from [<sub>ARG3-from</sub> single-A-2] , Moody 's is matching a move made * by the other major credit rating concern , Standard & Poor 's Corp. , several months ago .
• In addition , Moody 's said 0 [<sub>ARG0</sub> it] [<sub>rel</sub> downgraded] [<sub>ARG1</sub> Financiere Credit Suisse-First Boston 's senior and subordinated Swiss debt] to [<sub>ARG4-to</sub> single-A-2] from [<sub>ARG3-from</sub> single-A-1] and lowered Financiere CSFB N.V. 's junior subordinated perpetual Eurodebt , guaranteed * by Financiere Credit Suisse -- First Boston , to single-A-3 from single-A-2 .
• [<sub>ARGM-MNR</sub> Separately] , [<sub>ARG0</sub> Moody 's Investors Service Inc.] [<sub>rel</sub> downgraded] [<sub>ARG1</sub> the ratings of American Medical 's senior and subordinated debt issues and those of its international affiliate] .
• [<sub>ARG0</sub> Moody 's Investors Service Inc.] [<sub>ARGM-TMP</sub> last week] [<sub>rel</sub> downgraded] [<sub>ARG1</sub> the long-term deposit rating of Boston Co. 's Boston Safe Deposit & Trust Co. subsidiary] , to [<sub>ARG4-to</sub> single-A-1] from [<sub>ARG3-from</sub> double-A-3] , [<sub>ARGM-ADV</sub> *-1 citing problems in the company 's `` aggressively managed securities portfolio] . ''
• [_ARGM-TMP Last Thursday] , [_ARG0 Merrill Lynch securities analyst Peter Falco] [_rel downgraded] [_ARG1 his investment rating on the firm] , [_ARGM-ADV according to Dow Jones Professional Investors Report] , [_ARGM-ADV *-1 citing a slowdown in the credit-reporting business] .
• Although the majority of junk bonds outstanding show no signs of default , [_ARG0 the market] has [_rel downgraded] [_ARG1 many junk issues] [_ARGM-MNR as if they were in trouble] , says 0 *T*-1 Stuart Reese , manager of Aetna Life & Casualty Insurance Co. 's $ 17 billion *U* investment-grade public bond portfolio .
• Additionally , Moody 's Investors Service said 0 [_ARG0 it] [_rel downgraded] [_ARG1 Valley National 's senior debt] and confirmed the company 's commercial paper rating of `` not prime . ''
• [_ARGM-TMP In July] , [_ARG0 Moody 's] [_rel downgraded] [_ARG1 $ 400 million *U* of the company 's debt] , [_ARGM-ADV *-1 saying 0 the bank holding company had n't taken adequate write-offs against potential losses on real estate loans despite its second-quarter write-down] .
• The ratings concern said 0 [_ARG0 it] [_rel downgraded] Beatrice notes , Euronotes and certain industrial revenue bonds to single-B-1 from Ba-3 and [_ARG1 the company 's subordinated debentures] to [_ARG4-to single-B-3] from [_ARG3-from single-B-2] .
• The ratings concern said 0 [_ARG0 it] [_rel downgraded] [_ARG1 Beatrice notes , Euronotes and certain industrial revenue bonds] to [_ARG4-to single-B-1] from [_ARG3-from Ba-3] and the company 's subordinated debentures to single-B-3 from single-B-2 .
• [_ARG0 Moody 's Investors Service Inc.] [_rel downgraded] [_ARG1 its ratings on the subordinated debt of CenTrust] to [_ARG4-to Caa] from [_ARG3-from B-3] .
• Moody 's Investors Service Inc. said 0 [_ARG0 it] [_rel downgraded] [_ARG1 its rating *ICH*-1] to [_ARG4-to B-2] from [_ARG3-from Ba-3] [_ARGM-ADV on less than $ 20 million *U* of this thrift 's senior subordinated notes] .