A DC-8F IN CRUISE AT FL330 HAD A GENERATOR DROP OFF LINE DISCONNECTING THE AUTOPLT WITH NO VISUAL OR AURAL WARNING. ACFT DEVIATED 400 FT FROM ASSIGNED ALT DURING INCIDENT.

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AT CRUISE WE HAD A GENERATOR FALL OFF LINE WHICH IN TURN DISCONNECTED THE AUTOPLT. WE DID NOT GET THE WARNING HORN OR THE LIGHTS (IE; MASTER WARNING AND AUTOPLT OFF). I THEN WAS DISCUSSING WITH THE FE WHAT HAPPENED TO THE GENERATOR WHEN I HEARD THE ALT WARNING HORN. (WAS NOT LOOKING FORWARD.) WE WERE THEN DSNDING THROUGH FL327. BEFORE I COULD ARREST THE SINK RATE; WE WERE 400 FT LOW. I FLEW BACK TO ALT; THEN ATC CALLED AND ASKED WHAT ALT WE WERE AT. WE SAID; LEVELING BACK AT FL330. HE SAID HE SHOWED US AT FL330 AGAIN; BUT WE HAD BEEN 400 FT LOW. WE EXPLAINED WE HAD A PROB AND ASKED IF THERE HAD BEEN A CONFLICT WITH ANY TFC. HE (ATC) SAID NO PROB. REASON FOR SIT: ALL CREW MEMBERS LOOKING AT ELECTRICAL PANEL; NOBODY FLYING THE PLANE. FIXES: PAY ATTN TO FIRST JOB AT HAND -- IE; FLYING THE PLANE. SECOND; WE DO NOT KNOW WHAT CAUSED THE GENERATOR TO KICK OFF LINE; BUT IT DID NOT DO IT AGAIN. BUT WHEN WE GOT TO DEST WE DID WRITE UP THE AUTOPLT DISCONNECT HORN AND LIGHT. IT WOULD TEST GOOD ON GND; BUT DID NOT WORK INFLT.