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Moody's downgrades Elektrim as acquisition atrophies

Ratings agency Moody's Investors Service downgraded Elektrim, the Polish conglomerate, after the deadline passed for Germany's Deutsche Telekom to acquire some of its telecom assets.

The two companies signed a letter of intent in December, which was extended in February, regarding the proposed acquisition by Deutsche Telekom of 51% of Elektrim's fixed line and datacom businesses for about $180m (€202.9m). The letter of intent expired on Monday.

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