OTHER NEWS - Oct. 5, 1993
From Times Staff and Wire Reports
Chrysler Bonds Upgraded: Credit rating agency Standard & Poor’s Corp. lifted Chrysler Corp.’s senior debt to investment grade status, clearing the way for the auto maker to boost its dividend. S&P; attributed the improved credit quality to new products and better operations. Chrysler said it was delighted with the announcement. The auto maker has about $12.8 billion of debt outstanding. S&P;’s new rating of BBB on the senior debt means the bonds become medium-grade quality and that security appears adequate for paying off the debt.
