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* Bristol-Myers Squibb Co.’s top AAA credit rating was cut two levels, to AA, by Standard & Poor’s, which cited setbacks in developing new drugs.
* J.P. Morgan Chase & Co.’s credit rating outlook was changed to “negative” by Moody’s Investors Service amid concerns that the bank’s dealings with Enron Corp. may damage its reputation and spur losses from legal claims.
* Standard & Poor’s cut Dynegy Inc.’s credit ratings for the second time in four days, saying the energy trader suffers from “tenuous” liquidity and a weakened ability to generate cash.
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