The agency also lowered the insurance financial strength and debt ratings of its principal subsidiaries. "The rating changes primarily reflect Moody's concerns about the potential impact of [Travelers'] commercial real estate portfolio on the company's earnings and capital formation," the agency says in a release. Standard & Poor's has given a rating of B to Fairchild Industries Inc.'s $125 million of senior subordinated notes due 1999, an agency release says. In addition, the rating agency affirmed Fairchild's B-minus subordinated debt and preferred stock ratings. Standard & Poor's also affirmed Fairchild Corp.'s, the parent company's, B-minus subordinated debt, and Rexnord Holding Inc.'s B senior unsecured debt and B-minus subordinated debt ratings. Rexnord is a Fairchild Corp. unit. About $580 million of total debts is outstanding.