AFG INDUSTRIES <AFG> DEBT LOWERED BY S/P
Standard and Poor's Corp said it
lowered the ratings on AFG Industries Inc's subordinated
debentures to B-plus from BB-plus.
    The issue is removed from creditwatch where it was placed
on March 18. About 185 mln dlrs of debt is affected.
    S/P noted that while AFG's and Wagner and Brown's 2.2
billion dlr offer to acquire Gencorp Inc has been withdrawn,
AFG's participation in the offer, as well as its previous 1.4
mln dlr offer for Lear Siegler Inc, shows a greater appetite
for substantial acquisitions than was previously anticipated.
    
 Reuter
