LANESBOROUGH'S SUBORDINATED NOTES LOWERED BY S/P
Standard and Poor's Corp said it cut to
CCC-plus from B-minus Lanesborough Corp's 50 mln dlrs of senior
subordinated notes.
    S and P said the downgrade reflected Lanesborough's planned
purchase of Ampex Corp from Allied-Signal Inc <ALD> for 479 mln
dlrs.
    "The acquisition represents a dramatic departure from
management's stated financial policies," S and P said. It also
said that Lanesborough is making a major investment in a
venture with extremely high financial risk.
    The company's implied senior debt rating is B.
 Reuter
