BANKING & FINANCE - March 28, 1992

Bond Downgrades Still Top Upgrades: The credit-worthiness of major U.S. companies continued to slide in the first quarter--the 12th consecutive quarter of deterioration, according to bond-rating service Standard & Poor’s Corp. The firm said it lowered ratings on about $145 billion in corporate debt at 117 companies in the first quarter, while raising ratings on just $33 billion of debt at 54 companies. Among the companies that saw their ratings cut: General Motors, Chrysler, United Technologies and Dow Corning. S&P; lowers bond ratings when it perceives that a company’s financial health has weakened. The long string of downgrades has coincided with the economy’s slide since 1989.