P.M. BRIEFING : Bond Group Credit Rating Cut

Australian businessman Alan Bond’s attempts to bring his tottering mountain of debt under control were dealt another blow today when his brewing group suffered a credit rating cut.

Moody’s Investors Service downgraded bonds issued by the Bond group, rating it highly speculative, after Bond’s beer arm deferred an interest payment. Bond Corp., explaining the deferment, said it was taking advantage of a 30-day grace period on the payment after discussion with its bankers.

Bond Corp. debts totaled $4.9 billion on June 30, rising to $6.17 billion after convertible bonds are included.

Moody’s Ca rating on $506 million of Bond brewing debentures is the classification the ratings agency gives to bond issues that are in default or have what it describes as marked shortcomings.