Portugal Telecom back to junk after month as investment grade

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By Jon Hay
24 Jul 2014

Portugal Telecom’s bonds widened again on Monday, after a downgrade by Standard & Poor’s on July 18 that pushed them out of some investment grade indices.

S&P cut the ratings of Portugal Telecom and Oi, the Brazilian company with which it is merging, to BB+ with stable outlooks. That followed an identical downgrade by Fitch on July 16.

The downgrades have been triggered by Portugal Telecom losing €847m on commercial paper issued by Rioforte ...

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