Moody’s lowered its ratings on Times Mirror debt.

Moody’s Investors Service said it reduced Times Mirror’s senior debt rating from AA3 to A1. The New York-based rating service said the action reflects “a reduction in credit quality” because of the increased debt that Times Mirror has arranged as part of a $450-million stock repurchase and a $150-million financing of an employee stock ownership plan. Last week, Standard & Poor’s, the other major debt-rating service, had affirmed Times Mirror’s senior debt rating at AA- and its commercial paper rating at A1+.