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From Times Staff and Wire Reports
Orion Notes Downgraded: Standard & Poor’s Corp. has downgraded its rating on Orion Pictures Corp.’s $200 million in senior subordinated reset notes to D from C, because of the company’s failure to make an interest payment Aug. 15. The notes are due in 1998. Standard & Poor’s said it has also placed $8 million in Orion debentures on credit watch, pending the outcome of a restructuring agreement between Orion and its note holders.
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