The saga behind the efforts of German steelmaker ThyssenKrupp to minimize the impact of a ratings downgrade
A downgrade of a company’s bonds by one of the major credit-rating agencies can be disastrous for a firm’s image; at the very least, it can mean higher costs for borrowing money. But a downgrade often also devastates the company’s shares, which is especially true of a downgrade from investment grade to ‘junk’ or non-investment grade status, as many institutional funds are allowed to hold only investment-grade paper.However, by appealing directly to the investment
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