Bankrupt Pan American World Airways Inc. ceased operations yesterday, reducing the already poor chances that holders of its $395 million of unsecured debt will get anything from the fallen carrier.

"I would presume that unless there is an eleventh-hour and 59th-minute resurrection, they'll be liquidating, Robert H. Ray, an associate director at Moody's Investors Service, said yesterday. Odds of a resurrection are poor, he said.

"It doesn't look like there is any last-minute white knight ready to step in," concurred philip Baggaley, a Standard & Poor's Corp. senior vice president. Once grounded, airlines rarely come back, he said.

"It looks like the end of the road for Pan Am," he said.

Of the approximately $430 million of Pan American World Airways public debt outstanding, about $395 million is unsecured public debt, he said.

"There's all sorts or people, who are ahead of these bondholders," Mr. Baggaley said.

The bondholders best compensation hopes come from the sale of some of Pan Am's international routes, but prospects that anything will be left are slim, he said.

Pan Am decided to cease operations after Delta Air Lines Inc. withdrew from participation in Pan American's planned reorganization. Mr. Baggaley said information concerning Pan American's thin advance booking in part prompted Delta's pullout.

In a release yesterday, Standard & Poor's said several issues remain on CreditWatch with negative implications. They are the CC-rated $44 million 5.3% and 7 3/8% Dade County Port Authority secured revenue bonds, series 1967, and Pan American World Airways's B-rated $14.6 million of 11.5% secured equipment trust certificates, due 1994, a Standard & Poor's release said. The $395 million of unsecured debt is rated D, or default, and has been since Pan Am filed for bankruptcy last January.

Originally issued by National Airlines Inc., the revenue bonds were issued to finance construction of a hangar, office building, maintenance facility, and some other buildings at Miami International Airport. Pan Am now leases them. Should another airline take over Pan Am's Latin American routes in liquidation, a portion -- or all -- of those buildings could become surplus, the Standard & Poor's release said.

Moody's yesterday downgraded Pan Am Corporation and Pan American World Airways debt to C. It lowered Pan American World Airways senior unsecured debt, senior subordinated debt, and industrial revenue bonds to C from Caa. It downgraded Pan Am Corp.'s subordinated Eurobonds to C from Ca. The agency let its Baal rating on the Pan American World Airways 11.5% certificates stay. United Air Lines Inc. subleased the equipment and is unconditionally liable, Moody's said.

In secondary trading yesterday, high-yield bonds were "sloppy" and down 1/4 to 1/2 point overall depending on the issue. Notables under pressure were R.H. Macy & Co. and American Standard Inc. Highgrade corporates overall improved 1/8 point to 1/4 point overall, and did slightly better in the long end.

Among yesterday's high grade issues was Federal Home Loan Banks, which issued $254 million of 6.520% notes at par. Noncallable for a year, the notes are due in 1996 and were priced to yield 18 basis points over five-year Treasuries. First Boston Corp. sole managed the offering.

K Mart Corp. issued $200 million of 8.125% notes due 2006. The noncallable notes were priced at 99.50 to yield 8.183%, or 97 basis points over 10-year Treasuries. Moody's rates the offering A1, while Standard & Poor's rates it A. Morgan Stanley & Co. lead managed the offering. It was increased from the $100 million originally planned.

Houston Industries issued $200 million of 7.250% debentures at par. The noncallable debentures, due 1996, were priced to yield 97 basis points over comparable Treasuries. Moody's rates the offering Baa2, while Standard & Poor's rates it BBB. First Boston Corp. lead managed the offering.

Federal Home Loan Banks issued $136.5 million of 5.730% notes at par. Noncallable for a year, the notes mature in 1994 and were priced to yield 13 basis points over three-year Treasuries. First Boston sole managed the offering.

Federal Home Loan Banks issued $145 million of 7.1% notes at par. Noncallable for a year, the notes due 1998 were priced to yield 31 basis points over comparable Treasuries. Merrill Lynch & Co. lead managed the offering.

Gulf Power issued $ 50 million of 8.750% first mortgage bonds. Nonrefundable for five years, the bonds were priced at 99.021 to yield 8.843% or 95 basis points over comparable Treasuries. moody's rates the offering A2, while Standard & Poor's rates it A. Lehman won the competitive bidding to lead underwrite the offering.

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