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Headline: Mind the step up Source: euromoney.com Date: June 2001 Author: Jennifer Morris Just when bond investors thought it was safe to go back into the telecom sector, Moody’s dropped a bombshell. By downgrading British Telecom’s long term debt two notches to Baa1 last month, it threw a sector showing glimmers of recovery into disarray. Most astonishing to investors and galling to BT’s management was the fact that Moody’s chose May 10, the day BT announced its rights issue – the lynchpin of its debt reduction plans – to break the bad news, fuelling speculation that it was privy to particularly damming information about the company. |
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