Moody's Investors Service has warned it may cut BAA's credit ratings closer to junk if the UK airport operator is taken over in a £8.75bn (€12.6bn) deal by the consortium led by Spanish conglomerate Ferrovial.

The rating move affects £5.5bn of BAA debt, including convertible bonds.

Vivek Ahuja

Moody's Investors Service

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Rating threat to BAA offer

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