Marconi, the beleaguered UK telecoms equipment provider, is still destined to be downgraded to junk status despite renewed commitment to reducing its outstanding debt pile, according to analysts.

Marconi, whose BBB- credit rating from US-based ratings agency Standard & Poor's is just one notch above sub-investment grade status, pledged to reduce its outstanding £4.4bn (€7.1bn) debt mountain to between £2.7bn and £3.2bn by March next year.