AEROSPACE

Moody’s Assesses Defense Impact: Moody’s Investors Service, in a special report, said President Bush’s move to cut back U.S. nuclear forces will have a “moderate” negative impact on the defense industry in the short run, with probable lost sales of less than $1 billion in 1992. However, Moody’s said the move would likely spur further cutbacks that could eventually reduce industry sales by up to $5 billion a year. The research firm said the long-term impact could result in downgradings of the securities of “companies experiencing significant difficulties adjusting their cost structures to the shrinking revenue base.”