Several United States debt-rating agencies have said any bond restructuring that forces investors to accept securities with lower values would be considered a default.

Money managers relied on the debt-rating agencies to tell them what was safe (or, rather, to sanction their investments so they did not appear imprudent).

Two leading debt-rating agencies warned yesterday that they might lower their ratings on the debt securities of Apple Computer because of worries about the company's earnings and revenue.

The cancellation of the swap with Morgan Stanley drew a negative reaction from Standard & Poor's, the debt-rating agency.

The Prudential report followed downgrades from the Moody's and Standard & Poor's debt-rating agencies, which have questioned Kmart's ability to pay off its debt.

The turmoil caused Fitch Ratings, a debt-rating agency, to lower its outlook on CA to negative from stable.

Vivendi's fortunes have taken repeated blows lately, most recently yesterday, when the Standard & Poor's debt-rating agency cut the company's credit rating.

"Standard & Poor's and Moody's would have a heart attack," said Mr. Capps, referring to the debt-rating agencies.

Voluble and relaxed, but at times combative, Mr. Fourtou criticized the debt-rating agencies.

Moody's Investors Service, another debt-rating agency, has awarded Columbia its highest rating of Aaa since 1988, university officials said.