THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Thursday, August 24, 1995 TAG: 9508240630
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Short : 48 lines
The credit ratings of three Southeastern municipal utilities, with a total of $10 billion in debt, were downgraded by Standard & Poor's Corp. because of increased competition in the power industry. S&P lowered its credit ratings on the long-term debt of the North Carolina Municipal Power Authority, North Carolina Eastern Municipal Power Agency and Municipal Electric Authority of Georgia, some of the nation's largest utilities. The three downgrades bring to seven the total number of utilities whose ratings have been cut by S&P in the past three weeks. S&P lowered the ratings on 11 utilities in June because of the problems within the public power industry. (Bloomberg Business News) Norfolk Southern to sell N.Va. track
Norfolk Southern Corp. wants to sell 30 miles of track between Manassas and Alexandria to a passenger rail service. Negotiations with Virginia Railway Express have just begun and a sale could take years to complete. Norfolk Southern officials cited the line's high property taxes and dwindling freight traffic as reasons for selling. Most of the Norfolk-based railroad's freight traffic through Washington is now routed over a line to the west of the nation's capital. Norfolk Southern would still use the line to serve some remaining freight customers. The company said it has far more passenger trains on the line than freight trains. (AP) Wal-Mart settles discrimination lawsuit
Wal-Mart Stores Inc. has reached an out-of-court settlement with a former employee forced to work on Sundays despite his requests to have the day off to observe the Sabbath. Scott Hamby, 23, filed a $5 million religious discrimination lawsuit against the nation's largest retailer in November 1993. The settlement, reached last month in U.S. District Court in Springfield, includes an undisclosed payment to the former Baptist theology student. The settlement calls for Wal-Mart, based in Bentonville, Ark., to educate its 2,200 store managers and regional trainers about religious discrimination and employees' religious rights. The retailer also must include information about worker rights and religious harassment in its employee handbook. (AP) by CNB