December 5, 2018 / 8:57 AM / in 5 months

Thomas Cook bonds hit record low after Moody's downgrade

LONDON, Dec 5 (Reuters) - Thomas Cook Group’s 2022 euro-denominated bond prices extended their losses to record lows in early deals on Wednesday after Moody’s downgraded the embattled travel operator’s credit rating, amid deepening worries about its debt.

The 2022 euro-denominated bond hit a low of 69.849 cents, according to TradeWeb, surpassing Tuesday’s low, after the credit rating agency cut its ratings on senior unsecured notes to B1 from B2 on Tuesday and changed its outlook to negative from stable.

The agency said the move reflected a deterioration of its credit metrics after the company’s profit warning last week - its second in as many months - and weakened liquidity. (Reporting by Josephine Mason and Helen Reid; Editing by Mark Potter)

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