Chrysler's debt rating upgraded
Chrysler Corp.'s $13 billion of long-term debt was upgraded ** by Moody's Investors Service Inc., giving the No. 3 automaker an investment-grade rating for the first time in more than two years.
The upgrade lowers borrowing costs for Chrysler and its affiliates because a higher rating means less risk is associated with owning the company's debt. Moody's, a debt rating company, boosted Chrysler's senior debt to "Baa3" from "Ba2".
Investors buy into health firm
A group including Rohit Mojilal Desai and Desai Capital Management Inc. reported a 5.4 percent holding in Integrated Health Services Inc., based in Hunt Valley.
In a filing with the Securities and Exchange Commission, the group said it acquired 252,000 common shares between Aug. 18 and Aug. 26 at prices ranging from $22.25 to $23 a share. It also purchased $5.4 million of the company's convertible debentures Aug. 18 and Aug. 24.
Southwestern Bell to cut jobs
Southwestern Bell Telephone said yesterday that it plans to eliminate about 1,500 management jobs as part of a previously announced restructuring.
The regional telephone company, a unit of San Antonio-based Southwestern Bell Corp., said it would cut the first 800 jobs by mid-October and the remaining 700 during the next two years.
Apple unveils multimedia kits
Apple Computer Inc. unveiled three multimedia upgrade kits, for use by Macintosh personal computer owners as well as for PCs based on Intel Corp.'s microprocessors and Windows-based PCs. Apple uses Motorola Inc. chips in its PCs.
Apple said it expects pricing for the AppleCD Multimedia kit and Performa CD multimedia kits to range between $550 and $650, and the CD multimedia kits for PCs to be priced between $600 and $700.
Alex. Brown says it has sold stock
Alex. Brown Inc. said yesterday that it sold 544,000 shares of common stock and $25.1 million of convertible subordinated debentures to senior managers and other employees pursuant to the company's 1991 Equity Incentive Plan.
The sale of the debentures, which will be convertible into 1,056,000 shares of common stock, awaits approval of the company's stockholders.
Stock offering fully subscribed
The Adams Express Co., a Baltimore-based closed-end investment company, said yesterday that all the shares offered under its rights offering have been subscribed for at $17.20 a share, resulting in about $116.6 million in net proceeds.