MOODY'S DOWNGRADES GELCO <GEL> AND UNIT'S DEBT
Moody's Investors Service Inc said
that it downgraded Gelco Corp's variable rate notes and
convertible debentures to Ba-3 from Ba-2.
    It also lowered the ratings of Gelco unit CTI International
Inc's senior debt to Ba-3 from Ba-2 and CTI's
subordinated debt to B-2 from B-1. About 486 mln dlrs if
affected.
    Moody's said the changes reflect the reduced levels of debt
protection resulting from Gelco's restructuring efforts.
Moody's said it is not adjusting Gelco's B-2 subordinated debt
rating because it remains an appropriate assessment of risk.
 Reuter
