FirstGroup counts cost of ratings struggle
FirstGroup, the UK transport firm, was this week left counting the cost of hanging on to its investment grade rating after a 30% share price fall after announcement which left ECM specialists away from the deal aghast.
The what-was £1.1bn company had on Monday announced a £615m (£585m net proceeds) three-for-two rights issue to help it cut debt to prevent a downgrade to junk status.
For whatever reason it took the market by surprise and this is one of biggest down days weve seen on
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