Chemical Banking Corp. and Morgan Guaranty Trust Co. closed their $7.5 billion credit backing for Westinghouse Electric Corp.'s $5.4 billion acquisition of CBS Inc., with commitments from 48 additional banks.

The deal was oversubscribed, pulling in $14.4 billion. There were 25 senior managing agents contributing $199 million; seven managing agents contributing $160 million each; five co-agents contributing $100 million each; five lead managers contributing $50 million each; and six participants, contributing $25 million each.

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Moody's Investors Service Inc. lowered the rating on U.S. Trust Co. of New York for long-term deposits to A2 from AA3 and withdrew the A1 long- term debt rating of the bank's parent, U.S. Trust Corp.

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