Deutsche Telekom credit default widens on downgrade
The cost of protection for Deutsche Telekom has widened 20 basis points following today’s downgrade. Moody’s downgraded the long-term debt ratings of Deutsche Telekom to Baa3 from Baa1, and its short-term debt ratings to Prime-3 from Prime-2 with a stable outlook.
But a tightening of both credits by around 5bp in trading yesterday was halted by Moody's downgrade of Deutsche Telekom. Credit default spreads on Deutsche Telekom immediately widened by a
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