Baa3 for the black sheep of telecoms...
By Ben King
Published: 24 June 2002 17:40 GMT
Moody's has cut the credit ratings of France Telecom and Orange to one notch above junk status, as the company struggles to deal with its debt burden.
France Telecom's credit rating falls from Baa1 to Baa3, as does its majority-owned mobile subsidiary Orange.
Baa3 is the last notch of Moody's rating system that still classes a company's debt as investment grade, rather than 'junk'. The outlook for both companies is negative.
France Telecom already owes E70bn (£45.5bn), and uncertainty about France Telecom's relationship with German mobile operator Mobilcom, as well as large capital expenditure requirements and interest payments, mean the group will struggle to keep that debt mountain down. Moody's reckons the French telco's debt pile could rise to E75bn (£48.7bn).
BT and Deutsche Telekom are both rated Baa1.
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