NY -- Standard&Poor's CreditWire 8/9/96 -- Standard&Poor's today has revised the ratings outlook of Pittston Co. to positive from stable, reflecting ongoing progress in improving the business and financial profile. Pittston's triple-`B'-minus corporate credit rating, double-`B'-plus subordinated debt rating, and double-`B'-plus preferred stock rating have been affirmed. The ratings reflect diversity of operations, the solid profitability of Pittston's security businesses (50% of operating profits) and a strengthened air freight business position (35% of operating profits), offset by moderately high financial risk arising from liabilities related to its coal operations (14% of operating profits). A growing and profitable security business helps balance the volatile, although profitable, air cargo business. An element to air freight's future growth is
