NTL credit rating hits rock bottom

And it can't get any lower...

NTL yesterday saw its corporate credit rating hit the lowest point possible as Standard and Poor downgraded the debt-laden company. The cable company now has a D rating down from a triple C minus because of its failure to pay interest on bonds, according to reports in the Financial Times Although NTL has until 1 May to make the payments, Stand and Poor is of the belief this will not be achieved. NTL said on Monday it has the $96m to make the payments but had not done so at the request of some bondholders.