He reduced his rating to neutral.

James Kelly, an analyst with Goldman, Sachs, reduced his rating on the company late last month, saying it "has no room for error."

Prudential Securities reduced its rating to hold from buy.

Late last year, S.& P. cautioned Ford that it could reduce its rating by more than one notch, so the move was not a surprise.

Moody's reduced its rating on city bonds to Baa-1 a few years ago.

Yesterday, he reduced his rating on the stock to neutral from strong buy and in a report urged investors to "stay away."

But the cost cutting has not come in time to prevent several rating agencies from reducing Prudential's once top rating.

Mr. Valette, however, has reduced his rating to a "hold" because of higher marketing costs.

In May 1959 he scored 191 which reduced his rating to marksman.

Ms. Black listed several reasons for reducing the stock's rating - most of which Jones disputed.