COMPANY TOWN ANNEX

S&P; Lowers Disney Debt Rating: Standard & Poor’s said it cut its ratings on debt securities of Walt Disney Co. and its recently acquired subsidiary, Capital Cities/ABC Inc., to A, its third-highest level, from AA-. It said the rating’s outlook is stable. About $3 billion in debt is affected. “The rating actions reflect the increase in debt and financial risk associated with the acquisition of Capital Cities and, equally importantly, Standard & Poor’s perception of a higher tolerance for financial risk going forward,” the ratings agency said. Burbank-based Disney recently completed its acquisition of New York-based Cap Cities for $19 billion. Also, S&P; assigned its highest A-1 rating to Disney’s commercial paper, a short-term debt security.