S/P DOWNGRADES TEXACO'S <TX> DEBT TO 'D'
Standard and Poor's Corp said it
downgraded to D about 8.4 billion dlrs of debt of Texaco Inc
and the oil company's subsidiaries.
    The rating agency cited Texaco's filing over the weekend
for protection under Chapter 11 of the Bankruptcy Code while
Texaco seeks judicial relief from an 8.5 billion dlr, plus
interest and costs, judgement against it in the suit brought by
Pennzoil Co <PZL>.
    S and P uses the D rating grade for securities issued by
companies in Chapter 11 reorganization, the agency said.
    Reduced to D from B were the senior debt of Texaco, Getty
Oil Co, Getty Oil International (Caribbean) N.V., Pembroke
Capital Co Inc, Reserve Oil and Gas Co, Texaco Capital Inc,
Texaco Capital N.V., Texaco Convent Refining Inc, Tidewater Oil
Co and Loop Inc.
    Cut to D from C were MAGEC Finance Co and from CCC the
subordinated debt of Texaco Capital N.V.
 Reuter
