Moody's Blues knacker Marconi shares
Marconi is back to its lowest ever share price, currently sitting on 86.75p (down 2 per cent today), courtesy a second downgrade on credit status this week from Moody's Investors Service.
The downgrade from Moody's on the £2.2 billion of Marconi debt is a bad blow for the former giant and will mean significantly higher interest repayments if the company borrows more to dig itself out of trouble. Earlier this week Standard & Poor also ratcheted Marconi's credit rating downwards a couple of notches.
At the beginning of July, Marconi announced a huge profit warning which saw its share price halve, its future chief exec John Mayo resign and furious shareholders almost riot.
Before the profits warning, shares stood at 245p. They hit an all-time low of 86p, but had managed to recover slightly to around 94p. ®
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