Moody’s upgraded some General Telephone notes.
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Moody’s Investors Services increased General Telephone of California’s first-mortgage bonds to A2 from A3 and debentures to A3 from Baa1, while leaving the Santa Monica-based phone company’s commercial paper unchanged at Prime 1. President David Anderson called the upgrading “tangible recognition of our company’s service and earnings performance during 1984,” which saw the end of a five-year, $4-billion improvement and expansion of General Telephone’s network.
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