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RJR LEADS JUNK BONDS LOWER

RJR Nabisco Inc.'s junk bonds, previously a stalwart in the volatile high-yield debt market, fell sharply Friday after Moody's Investors Service Inc. lowered its rating of the company's debt.

Analysts said some of RJR Nabisco's junk bonds fell 10 percent in value. The rest of the high-yield market also declined, but not as severely.

Moody's lowered its ratings on RJR Nabisco's outstanding debt and assigned a lower-than-expected rating to an upcoming $1.25 billion bond issue the company plans.

Standard & Poor's said it had completed a review of RJR Nabisco and had affirmed its rating of the company's debt. Fitch Investors Service assigned the new issue its highest rating for speculative, or high-yield, debt.

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