Marriott's long-term debt was downgraded by Moody's Investors Service to BAA2 from A3. Moody's cited a "potential for further curtailments in Marriott's ability to sell completed hotel properties because of continued softness in the market for lodging assets" and said that the company "is particularly vulnerable" to deteriorating economic conditions "because of the large number of hotel properties it has built using debt financing."
AT&T announced a 2.2 percent rate increase for long-distance calls made after 11 p.m. and during weekends. The change, which will take effect Nov. 2, is the second increase in two years and brings the total rate rise to half a cent per minute since last year.
American, Delta and Midway airlines had their debt ratings cut by rating agencies. Moody's downgraded the American and Delta ratings, citing a "deteriorating outlook for earnings." Standard & Poor's lowered Midway's rating on $54 million convertible preferred stock.
US West signed a joint venture agreement to build the first commercial cellular telephone network in the Soviet Union. The system is to be built in Leningrad.
The Treasury postponed Monday's auction of 13- and 26-week bills because Congress has not raised the debt limit.
Du Pont and Philips of the Netherlands are dissolving their joint venture in optical disks, established in 1986.