Deutsche Telekom credit default widens on downgrade

On Wednesday, an article in the Financial Times in London gave a negative report on the progress of the German telecoms cable asset disposal program, sending the cost of credit protection wider by 10bp on the day to 190bp-mid. Credit default swaps for fellow telecom France Telecom also rose 10bp to 270bp.

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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