Vodafone downgraded

Vodafone’s full-year results and strategic update spelt bad news for the firm’s bondholders as the UK mobile phone operator saw its credit rating revised down to the low single-A category.

Although results were in line with expectations, the firm’s shareholder-friendly actions have left a sour taste among its bondholders as they see a weakening of the group’s liquidity profile. The firm’s net debt increased to £17.3 billion from £14.1 billion, mainly due to shareholder measures and acquisitions, and dividends of £9 billion will be paid for the current full year. In the past, the company said 100% of its free cashflow should be returned to shareholders via dividends and share

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