LONDON — NTL, the U.K.’s largest cabler, has had its credit rating downgraded because of concerns that it will not be able to meet the interest payments on its £12 billion ($16.4 billion) debt.
The lowering, made by debt-rating agency Moody’s Investors Service, marks another blow to Europe’s already troubled cable sector.
Analysts said NTL will have to execute a near-perfect business plan over the coming years in order to ride out its difficulties. A key, and long-anticipated, move would be to merge with Telewest, Britain’s No. 2 cabler.