Gateway loan status downgraded

Financial wizards at Standard and Poor’s have dropped the corporate credit and bank loan rating for Gateway to “junk” status. Gateway is one of Sioux City’s largest employers, with a computer manufacturing facility just across the river in North Sioux City, South Dakota. Gateway spokeswoman Donna Kayther says despite the low S-and-P rating, the company remains upbeat. She says the outlook is based on the current market outlook.Gateway had a 512-million dollar loss for the first two quarters of the current fiscal year, but Kayther says that’ll improve.S-and-P ranks Gateway as “double-B”, the second-highest junk grade. It reflects extremely competitive conditions, a declining revenue base and the company’s expectation it won’t return to material profitability until fiscal year 2002.