Railtrack shares have fallen a further 7% to 448p prompting fears it could drop out of the FTSE 100.
The company needs to convince credit rating agencies having failed to reassure equity investors. The retention of its single A rating is crucial if it is to raise £5bn over the next five years to pay for planned work on the network.
The government appears to have decided against rail renationalisation. John Prescott, Deputy Prime Minister, says it would cost the country £7.5bn and legislation would take three years to go through parliament.
Financial Times 05/04/01 page 4
The Times 05/04/01 page 28
The Independent 05/04/01 page 19, page 23 (Market Movers)
The Guardian 05/04/01 page 6, page 19 (Leader), page 22 (Notebook)
