Summary
HAPLESS Tube operator Metronet has had its creditworthiness cut to just above junk bond status as it emerged that the company engaged in partial privatisation of the Underground remains woefully behind on its station refurbishment plans.
Credit rating agency Standard Poor's has downgraded Pounds 1.3 billion of Metronet debt to BBB minus because of its continuing inability to hit Tube upgrade targets on time or on budget.See the full content of this document
Extract
Bungling Metronet's Money Woes Worsen
Metronet, responsible for recent fiascos on the Drain between Waterloo and Bank and failings on the Central and District line...
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