SOUTHDOWN <SDW> DOWNGRADED BY S/P
Standard and Poor's said it lowered its
rating of Southdown Inc's 50 mln dlrs of sinking fund
debentures to BB-plus from BBB and removed the issue from
Creditwatch.
    The downgrading reflects higher debt levels from the
debt-financed repurchase of 89 mln dlrs worth of common shares,
combined with a bleaker earnings outlook due to weakness in key
energy and Southwest cement markets.
 Reuter
