Standard and Poor's cuts Eurotunnel senior debt ratings
AFP, May, 2004
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PARIS (AFP) — The rating agency Standard and Poor's said it had it lowered its senior secured debt rating on Eurotunnel's bank loan of 240 million pounds (355 million euros, 429 million dollars) to BBB+ from A-.
The agency cited expectations of larger than expected debt write-offs at Eurotunnel, which operates rail service beneath the Channel linking England and France, and the complexity of the company's upcoming debt restructuring.
The rating remains on Standard and Poor's CreditWatch list with negative implications, where it was placed in early February.
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Standard and Poor's said it expected to resolve the CreditWatch placement once it had met with Eurotunnel's ...
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