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EDS's debt rating downgraded

Moody's Investors Service on Thursday downgraded debt ratings for information technology services company Electronic Data Systems, citing reduced demand for IT services and credit weakness at some of the company's large clients such as WorldCom, US Airways and American Airlines. The credit rating agency also said it expects EDS's revenue at General Motors to decline 15 percent or more this year, and the service said the company faces a strain on its cash flow this year from its Navy Marine Corps Intranet contract. Among the downgrades, Moody's lowered EDS's senior unsecured debt two notches, to just two notches above junk bond status. Moody's also lowered EDS's short-term debt rating.