S/P MAY DOWNGRADE IC INDUSTRIES <ICX> UNIT DEBT
Standard and Poor's Corp said IC
Products Co's BBB-plus senior debt is under review with
negative implications. Also, Pneumo-Abex Corp's BBB-plus senior
debt and BBB subordinated debt are being reviewed with
"developing" implications.
    Both firms are units of IC Industries Inc whose debt is not
rated by S and P. About 65 mln dlrs of debt is affected.
    S and P said it is reviewing management's current business
objectives and the resources needed to achieve them in
determining the credit quality impact of an expanded
restructuring program.
 Reuter
