S&P has upgraded France Télécom from BBB- to BBB in response to its €15 billion rights issue and improved operational performance. There has been limited price movement on the name, with most of the volatility occurring within a 20bp range. Strong technicals are squeezing the market, leaving little room for selling beyond some profit taking. But the general trend for the name is positive, in keeping with the rest of the sector.
Analysts anticipate an upgrade for BT in the next six to 12 mont