Moody's downgrades Partner Communications
Moody's downgrades Partner Communications to 'Ba1'
Israel-based telecommunications company Partner Communications Co. said Monday that Moody's Investors Service downgraded the company's corporate family rating one notch to "Ba1."
The rating is now non-investment grade, also known as "junk."
Its previous rating was "Baa3," which is investment grade. The outlook is stable.
The rating change mainly reflects the company's changed financial profile following its acquisition by Scailex Corp., "together with a liquidity profile that relies on ongoing external funding to meet near-term debt maturities," Moody's said.
American Depositary shares of Partner fell 27 cents to $22.46 in afternoon trading.
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