SOUTHLAND <SLC> MAY BE DOWNGRADED BY S/P
Standard and Poor's Corp said it may
downgrade Southland Corp's 156 mln dlrs of debt securities and
125 mln dlrs (liquidation value) of preferred stock.
    The agency cited Southland's announcement that it is
studying various restructuring alternatives. S and P said that
the company has been a rumored takeover target for a while, and
a restructuring would probably be a defensive move to thwart an
unfriendly bid.
    Southland currently carries BBB senior debt and A-2
commercial paper.
 Reuter
