Standard and Poor's Corp said it maydowngrade GAF Corp's 415 mln dlrs of BB-minus senior debt and
B-rated subordinated debt.
    S and P cited GAF's 3.2 billion dlr acquisition offer for
Borg-Warner Corp &lt;BOR>. Pro forma, debt leverage would rise to
nearly 90 pct, assuming total financing. But proceeds from
asset sales would probably pay down debt, the agency noted.
    Borg-Warner's 420 mln dlr A-plus senior debt and A-1
commercial paper were placed on creditwatch December one. S and
P said it will review the timing and extent of asset sales,
debt reduction and strategic benefits of the purchase.
 Reuter
