CRAZY EDDIE <CRZY.O> REMAINS ON S/P CREDITWATCH
Standard and Poor's Corp said it is
keeping Crazy Eddie Inc's 81 mln dlrs of B-rated convertible
subordinated debt on creditwatch with negatives implications.
    The company's implied senior debt rating is BB-minus.
    S and P said it considers a downgrade of Crazy Eddie more
likely because of a rash of senior management resignations and
Chemical Bank's withdrawal of a 52 mln dlr credit line.
    Crazy Eddie has yet to respond to two competing takeover
bids, one by founder and chairman Eddie Antar with First City
Capital Corp and a second for about 235 mln dlrs by
Entertainment Marketing Inc, S and P noted.
 Reuter
