NEW YORK — Moody’s Investors Service took Guess’ $80 million in debt down a notch Wednesday based on continuing weakness in the apparel company’s wholesale division.

"The ratings recognize concerns about Guess’ near-term financial performance following news of a steep reduction in wholesale revenues for the fourth quarter of 2002 and reduced guidance for the full year," Moody’s said. In the third quarter ended Sept. 28, wholesale revenues receded 24 percent to $50.7 million.

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