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Scailex Drops to Lowest in Seven Years After Moody’s Downgrade

Dec. 11 (Bloomberg) -- Scailex Corp., an Israeli mobile-handsets distributor, declined to the lowest in more than seven years after Moody’s Midroog Ltd. downgraded several series of bonds.

The shares retreated 3.3 percent to 17.88 shekels, the lowest intraday level since November 2004, at 1:04 p.m. in Tel Aviv.

Moody’s Midroog cut the series Aleph-to-Daled and Vav-to-Tet bonds to Baa1, the eighth-lowest investment grade ranking, from A3, the company said on Dec. 8. The outlook is negative.

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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