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December 12th, 2017 at 9:14 am
Jabo-not unexpected, but could be deemed a distressed exchange and have a negative impact on the IG rating. There always seems to be a negative impact on the stock when a company is downgraded below IG despite the clear warnings ahead of time. Some of that is hedging, but the reaction seems in excess of the likely hedging. Doesn't change the premise here though.