Fitch lowers GM debt ratingFitch Investors Service Inc...

BUSINESS DIGEST

January 14, 1993

Fitch lowers GM debt rating

Fitch Investors Service Inc. said yesterday that it has cut the credit rating of General Motors Corp.'s senior debt and preferred shares, citing problems ahead for the nation's largest automaker. Fitch lowered to A-minus from A-plus GM's senior debt and to BBB-plus from single-A the company's preferred and preference shares.

Md. Blues report issued to public

Blue Cross and Blue Shield of Maryland began mailing reports to the public this week detailing the results of a nine-week review of the company by the Blues' board and its plan to address financial and management problems.

Lindner sells stake in Scripps

Investor Carl Lindner, who controls Cincinnati-based American Financial Corp., sold his entire 6 percent stake, worth $34 million in Scripps Howard Broadcasting Co. Mr. Lindner sold the 616,680 shares between Nov. 18 and Jan. 6 at $45 to $49 a share, according to a filing with the Securities and Exchange Commission.

AAI seeks Calif. light-rail pact

AAI Corp. in Cockeysville has teamed with Siemens Duewag Corp. of Sacramento, Calif., in vying for a contract worth more than $100 million to build light-rail cars for a Los Angeles County transit system. A new contract is expected to be awarded in June or July. The third member of the team is TRW Aerospace of Redondo Beach, Calif.

Sale of Chrysler lending unit OK'd

Chrysler Corp.'s sale of its Chrysler First lending unit to NationsBank Corp. for about $2 billion won approval from the Federal Reserve Board. Chrysler First makes consumer loans such as home equity loans and retail installment financing.

Kodak executives must invest

Eastman Kodak Co. is making sure its executives have a personal stake in the company's performance. Starting this year, its top 40 managers will be required to invest in Kodak stock worth at least as much as their salary, and their raises will be pegged to company cash flow, earnings and revenue.

Leto named chief of PRC Inc.

PRC Inc., the computer services subsidiary of Black & Decker Corp., has appointed James J. Leto, 48, president and chief executive officer. PRC is based in McLean, Va. Mr. Leto, formerly executive vice president, has been acting general manager of PRC since September.

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