ROBERT BRUCE <BRUC> DOWNGRADED BY S/P
Standard and Poor's said it lowered
Robert Bruce Industries Inc's 15 mln dlrs of subordinated
debentures to CCC from B-minus because of a deterioration in
earnings and cash flow.
    Debt leverage has risen to 87 pct and the company has
suspended dividend payments to conserve cash, S and P noted.
 Reuter
