Moody’s reduces Polaroid’s ratings

CAMBRIDGE — Moody’s Investors Service due to concern about the instant-photography company’s declining business and its ability to refinance loans cut Polaroid Corporation’s ratings on $900 million in debt. Polaroid’s senior unsecured debt rating was reduced to a “B3” from “Ba3,” and its bank loan rating cut to “B2” from “Ba2,” Moody’s reported in a statement. The company’s debt had increased to $937 million by the end of 2000 from $832 million a year earlier.