They are a main reason why Standard & Poor's has put the city on notice of a possible downgrading of its credit rating.

Moody's Investors Service put the bank on credit watch last week for a possible downgrading.

But he suggested that concerns about a possible downgrading had been heard.

The agency said it would continue to review Salomon's debt for another possible downgrading.

Last month, the company avoided a possible downgrading of its debt to junk status by securing $4.5 billion in new credit lines.

Things came to a head late last year when Shearson's problems resulted in a capital crunch and a possible downgrading of the firm's debt.

A possible downgrading is the wild card in the proceedings now.

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

Moody's, the bond rating service, said it was still reviewing Allegis' debt for possible downgrading.

The warning is the first step toward a possible downgrading of the corporation's credit rating.