Pricing on two junk issues Friday demonstrated that investors are sometimes more concerned with the story a company tells than the ratings it carries.

Color Tile Inc., a company that sells building supplies, sold an issue carrying higher ratings than an offering by Argyle Television Operations Inc., a preferential-tax business in a higher-profile industry. But investors were willing to accept a lower yield on the Argyle issue, while receiving a better deal than expected on the Color Tile issue.

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