Moody’s snubs BT plan in two notch cut to triple-B

British Telecom’s hopes of remaining a single-A credit were crushed yesterday evening (Thursday) when Moody’s slashed its rating by two notches from A2 to Baa1.

  • 11 May 2001
The downgrade was announced after European markets had closed, and followed a one notch cut from A to A- by Standard & Poor's (S&P) in the afternoon. BT's failure to maintain its single-A status will trigger rating sensitive coupon step-ups on around $20bn equivalent of outstanding transactions ...

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