Moody’s cuts ratings on Marconi

LONDON—Moody’s Investor Services has cut the ratings of European vendor Marconi plc to Ba1 from Baa2, the second ratings agency to relegate the firm to junk status.

Standard & Poor’s was the first.

“Moody’s noted the increased pressure on operating profit with low visibility going forward, the high asset impairments, and the reliance on its credit lines for unexpected funding needs,” said the agency.