A further downgrading could virtually close the credit markets to the city, forcing postponing of the sale, said Philip R. Michael, the city's Budget Director.

After that, bank loans can suffer and get a further downgrading next year.

Although the measure did not result in a further downgrading of Nassau's credit rating, it clearly made the county more vulnerable.

Moody's Investors Service lowered its rating on Kanematsu's senior debt and said it would keep the company's ratings under review with an eye toward a further downgrading.

A further downgrading to junk status would touch off repayments that could put TXU Europe in default of its debt.

The Reagan years brought both an intensification of American militancy in waging the cold war and a further downgrading of interventionist economics.

S.& P. left Enron under review for a possible further downgrading.

The Governor's proposal, similar to one he offered last year, has also raised concerns that reduced contributions could result in a further downgrading of the state's credit rating.

Standard & Poor's cut Bell Atlantic's bonds by two grades this week, retaining a negative outlook that could presage a further downgrading and possible loss of value.

The ratings for France are still negative and the likely hood of further downgrading is very real.