A meeting that could determine whether debt-laden British Telecommunications loses its top-bracket credit rating has been delayed from April until May, ratings agency Standard & Poor's said today.
BT said it had put off its meeting with S&P analysts, who are considering stripping the company of its crucial "A" rating, only because of diary conflicts.
The company has vowed to cut its £30 billion of debt by a third in an effort to hold on to an "A" series grade, but S&P warned in February that it was highly likely to lower BT at least one notch to "A-". It left open the possibility of a two-notch cut to "BBB+".
A cut would push up BT's borrowing costs as well as proving highly embarrassing. BT had to give S&P confidential information on its restructuring plans last year to prevent an earlier rating cut.
BT shares were down 2.1 percent at £5.16, clear of their recent three-year low of £4.60p.