Weakest links become weaker


Two weeks is a long time in the distressed debt market. A fortnight after Standard & Poor’s issued its latest survey of ‘weakest links’, or companies most in danger of defaulting on their debt, Telewest and KPNQwest have been high-profile additions to the list.

As of April, the 49 issuers that make up S&P’s list – those rated CCC or lower and on credit watch negative or negative outlook – had $24 billion of debt outstanding between them. UK telco Telewest’s three-notch downgrade to CCC- has

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