TELUS, a Canadian phone corporation, saw its U.S. dollar-denominated 7.5% notes of '07 and 8% notes of '11 drop from 63 to 47 after a ratings downgrade to junk from Moody's Investors Service. One buy-side junk analyst blames the steep drop on forced selling pressure from investment-grade money managers.
TELUS Plunges After Downgrade