Credit Markets Update: Telecoms spreads continue widening

Continued bad news from key telcos in both the US and Europe created general negative sentiment, with spreads widening on most reference entities, according to traders in London. Yesterday, Goldman Sachs lowered its investment rating for Deutsche Telekom to 'market perform' from 'market outperform'. And Morgan Stanley slashed its target price on France Telecom stock to €25.3 from €34.

The equity on both names traded badly today, leading to further scepticism towards European telecoms in gen

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