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.