Credit Markets Update: Telecoms hit as Qwest, Nortel contagion spreads

Qwest's problems followed news that a Securities Exchange Commission (SEC) inquiry in March had become a formal review yesterday, following a recommendation on Monday that action was likely against the number-four US telephone carrier. Qwest is under investigation for its accounting practices and exclusion of information related to its acquisition of telephone operator US West in January 2001.

"The market didn’t react on Monday,” said Matthew Johnson, a trader at ING Barings in London. “Now

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