MOODY'S MAY LOWER W.R. GRACE <GRA> RATINGS
Moody's Investors Service Inc said it
is reviewing for posible downgrade the debt ratings of W.R.
Grace and Co because of concern the company's earnings may not
be high enough to provide meaningful improvement in its
currently thin margins of interest coverage for some time.
    Some 650 mln drls of outstanding debt is affected.
    Moody's said it is evaluating the ability of Grace's less
diversified business portfolio to generate funds sufficient for
reinvestment and growth, along with debt service and repayment,
in the next three to five years.
 Reuter
