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Luv2Roam
09-05-2002, 05:50 PM
FINANCE & BANKING

Disney downgraded. In a move that placed $14 billion in Disney debt a few steps above junk bond status, Fitch cut Disney's rating from "A-" to "BBB+" and placed the media giant's credit on a "negative" status.

The New York ratings agency cited Disney's $5.2 billion acquisition of the Fox Family Channel.

Disney responded to the move by emphasizing recent debt-cutting measures, which have included slashing capital expenditures by 30 percent percent to $1.25 billion.