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DUFF & PHELPS PLACES WOOLWORTH CORPORATION DEBT ON RATING WATCH - DOWN

 CHICAGO, Oct. 13 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has placed the debt ratings of Woolworth Corporation on Rating Watch - Down. The current ratings are "A+" (Single-A-Plus) on Woolworth Corporation's debentures, "A" (Single-A) on the company's preferred stock, and Duff 1 on its commercial paper. About $1.1 billion of securities are affected by the rating action.
 The rating action reflects the potential long-term financial implications of Woolworth's announcement today to accelerate its downsizing program and take an accompanying $775 million pretax write- off. Weak economic conditions and intense competitive pressures have adversely impacted current operating profits. However, we are concerned that deteriorating margins may be symptomatic of more systemic operating problems.
 -0- 10/13/93
 /CONTACT: W. Dudley Heer, CFA of Duff & Phelps Credit Rating Co., 312-368-3123/
 (Z)


CO: Woolworth Corporation ST: New York IN: REA SU: RTG

TS -- NY069 -- 1708 10/13/93 13:04 EDT
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Publication:PR Newswire
Date:Oct 13, 1993
Words:148
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