TEXACO'S <TX> DEBT DOWNGRADED TO CAA BY MOODY'S
Moody's Investors Services Inc said it
downgraded about 8.2 billion dlrs of debt of Texaco Inc and its
units.
    Moody's cited Texaco's filing under Chapter 11 of the
Bankruptcy Code on Sunday. The filing was made in the names of
Texaco Inc, Texaco Capital Inc and Texaco Capital N.V., Moody's
noted.
    The ratings downgraded to Caa from Ba-1 included Texaco's
senior unsecured debt, Texaco Capital Inc's and Texaco Capital
N.V.'s senior unsecured debt and industrial revenue and
pollution control bonds.
    Moody's reduced to Caa from Ba-3 Texaco Capital N.V.'s
convertible subordinated Eurodebentures. The agency said they
also lowered to Caa from Ba-1 the ratings on Getty Oil Co's
notes and Getty Oil International N.V.'s Eurobonds.
    Pembroke Capital Co Inc's debt remains under review.
    Moody's noted that Texaco guaranteed these debt issues when
they were first brought to market.
 Reuter
