S&P; put Fox on its Creditwatch surveillance list.

Standard & Poor’s said it put 20th Century Fox Film Corp. on the surveillance list “with negative implications.” The reason given is that the movie company recently agreed to guarantee about $1.31 billion of debt incurred by other firms of new Fox owner Rupert Murdoch. S&P; said that, given Fox’s recent “volatile” cash flow, the “dramatic increase in debt burden implied by the guarantees” has negative implications for Fox’s subordinated debt rating.