HYPONEX <HYPX> DEBT DOWNGRADED BY S/P
Standard and Poor's Corp said it
downgraded to CCC-plus from B-minus Hyponex Corp's 30 mln dlrs
of subordinated debt.
    It assigned a CCC-plus rating to Hyponex's 150 mln dlrs of
senior subordinated debentures due 1999 that were priced
Wednesday for offering. The implied senior debt rating is B.
    S and P cited an increase in debt leverage to 86 pct of
capitalization from 56 pct. While the company's operating
record has been successful, S and P said the action also
reflected uncertainties and risks associated with management's
new business and investment strategies.
 Reuter
