Salomon Smith Barney downgraded its rating on Adelphia Communications Corp.
from 'neutral' to 'sell, speculative,' Tuesday, and set a 12-month price target
But with NASDAQ trading in Adelphia shares halted since last Tuesday and many
analysts predicting a bankruptcy filing, Adelphia shareholders couldn't sell the
stock even if they wanted to.
Standard & Poor's Corp. also downgraded Adelphia Tuesday, dropping its
corporate credit rating from 'triple C-minus' to 'D.' S&P said it expects
the MSO to continue missing its interest payments to bondholders.
Also Tuesday, The New York Times reported that that the Rigas family
is resisting pressure from outside directors and bankers to resign from the