From Times Staff and Wire Reports

S&P; Lowers Debt Rating on Bankers Trust: The move by Standard & Poor's Corp. reflects concern over the bank's risky trading activities in global financial markets. The change, which also includes the bank's BT Overseas Finance subsidiary, affects $5.6 billion of outstanding debt. S&P; reduced Bankers Trust New York Corp.'s senior debt rating by one notch, to AA- from AA. The rating is still one of the highest the agency assigns. But the move is considered a symbolic warning shot from S&P; about the bank's aggressive operations in the trading business.

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