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From Times Staff and Wire Reports

RJR Nabisco Bonds Reach Investment Grade: Standard & Poors Corp., the nation’s largest credit-rating services raised RJR Nabisco Inc.'s bonds out of the junk-bond ranks, a response to steps the company has taken to reduce its debt load. S&P; said it was adjusting its ratings on the food and tobacco conglomerate’s bonds after RJR Nabisco exchanged $1.7 billion in new common stock for preferred stock and issued $2.1 billion in new and less costly preferred shares. Meanwhile, Moody’s Investors Service said it had raised its ratings on RJR Nabisco debt because of the company’s improved financial structure.


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