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 Moody's Investors Service said 
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it reduced its rating on $165 million of subordinated debt of this Beverly Hills, Calif., thrift,
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 citing turmoil in the market for low-grade, high-yield securities. 
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The agency said 
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it reduced its rating on the thrift's subordinated debt to B-2 from Ba-2 
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and will keep the debt under review for possible further downgrade. 
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Columbia Savings is a major holder of so-called junk bonds. 
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New federal legislation requires 
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that all thrifts divest themselves of such speculative securities over a period of years. 
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Columbia Savings officials weren't available for comment on the downgrade. 
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 FRANKLIN SAVINGS ASSOCIATION 
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(Ottawa, Kan.) -- 
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Moody's Investors Service Inc. said 
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it downgraded its rating to B-2 from Ba-3 on less than $20 million of this thrift's senior subordinated notes. 
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The rating concern said 
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Franklin's troubled diversification record in the securities business was one reason for the downgrade, 
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citing the troubles at its L.F. Rothschild subsidiary and the possible sale of other subsidiaries. 
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They perhaps had concern 
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that we were getting out of all these, 
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said Franklin President Duane H. Hall. 
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I think 
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it was a little premature on their part. 
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