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October 05, 1994|From Times Staff and Wire Reports

S&P Slashes Greyhound Debt Rating: Standard & Poor's Corp. lowered the bus company's subordinated debt rating to D, the lowest grade possible, after Greyhound Lines Inc. failed to pay bondholders $4.2 million in interest last week. The credit agency said it is still considering lowering the CCC- rating on Greyhound's senior unsecured debt. About $262 million in debt is affected. Greyhound has seen revenue plunge since mid-1992 as customers have switched to cheap airline tickets and travel in private cars.

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