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(Alliance News) - Moody's Investors Service on Monday has affirmed telecommunication firm BT PLC's Baa2 senior unsecured and long-term issuer rating.
Moody's has also affirmed the Ba1 long-term rating on the hybrid notes issued by BT. The outlook on the ratings remains negative.
"The action to affirm the ratings of BT and its subsidiary EE Ltd with a negative outlook reflects the weak financial performance in financial year ending March 31 due to pressure on revenue mainly in the Consumer and Enterprise segments which have suffered from the impact of the Covid-19 outbreak and the decline from legacy products, among others, partly mitigated by BT's
modernisation programme which has tracked ahead of target," explained Sebastien Cieniewski, Moody's lead analyst for BT and EE.
The negative outlook, meanwhile, reflects the uncertainty related to the pace of recovery over the next 12-18 months.
BT shares closed 1.6% higher in London on Wednesday at 205.90 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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