SOUTHDOWN <SDW> DEBT DOWNGRADED BY MOODY'S
Moody's Investors Service Inc said it
downgraded to Ba-2 from Baa-3 Southdown Inc's 140 mln dlrs of
senior debt.
    The agency also assigned an initial rating of B-1 to the
company's 90 mln dlrs of senior subordinated notes due 1997.
    Moody's said the action reflected increased leverage and
reduced interest resulting from lower earnings. It also cited
Southdown's repurchase of 28 pct of its common stock and the
financing of that transaction by debt.
    Moody's said the lower ratings anticipate certain debt
reduction in the coming year from the sale of assets.
 Reuter
