Scailex Drops to Lowest in Eight Years After S&P’s Downgrade

Scailex Corp., an Israeli mobile-handsets distributor, declined to the lowest in more than eight years after Standard & Poor’s Maalot lowered the company’s credit rating to ilBBB+ from ilA-.

The shares retreated 5.8 percent to 16.98 shekels, the lowest intraday level since October 2003, at 3:58 p.m. in Tel Aviv, bringing the decline this year to 78 percent.