Moody’s downgrades Eurotunnel


Moody’s has downgraded the unwrapped tranches of Eurotunnel’s two Fixed Link Finance (FLF) vehicles, created during a series of debt restructurings. The actions affect e850 million of debt, spread across six sterling and euro tranches, and follow the dramatic sacking of Eurotunnel’s management by its shareholders.

Moody’s cut Fixed Link Finance 2 to junk on April 16, lowering the rating on its £120 million unsecured tranche from Baa3 to Ba1. The original Fixed Link Finance vehicle was then

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