United Pan-Europe Communications, Europe's second biggest cable company, has reacted angrily to its ratings downgrade by Moody's.

Moody's downgraded UPC's $8.4bn (€9.3bn) of euro and dollar bonds to Caa1 from B3. The agency cited concerns that UPC has taken on more debt than expected, while the value of its assets has fallen. It also suggested that UPC could run out of cash by 2003, because it is so difficult for the company to raise capital in the debt or equity markets.