Telefonica (TEF) is cut to Baa2 - barely investment grade - from Baa1 by Moody's. "The company...

|About: Telefonica S.A. (TEF)|By:, SA News Editor

Telefonica (TEF) is cut to Baa2 - barely investment grade - from Baa1 by Moody's. "The company does not have the domestic or financial strength, or sufficiently robust access to liquidity, to distance itself" from Spain's difficulties. Shares -27% YTD.