Moody’s Investors Service lowered the subordinated debt...

Moody’s Investors Service lowered the subordinated debt rating of Capital Cities Communications to A2 from AA3 and reduced the senior debt rating of American Broadcasting Cos. to A1 from AA3 . . . Levi Strauss & Co.’s board of directors approved a previously reported $50-per-share cash buy-out proposal made by descendants of the company’s founder . . . Federal Express said the FCC approved its plan to build a domestic satellite communications network to support the firm’s package delivery and Zapmail services . . . United Press International and the union that represents its employees agreed to let a mediator help resolve their dispute over wage and benefit concessions.