Bloomberg News

Energy Development Drops to Four-Month Low on Ratings Downgrade

January 31, 2012

Jan. 31 (Bloomberg) -- Energy Development Corp. fell to the lowest in almost four months in Manila trading after its rating was cut to “neutral” from “outperform” by Dante Tinga, analyst at Credit Suisse Group AG.

The stock decreased 2.2 percent to 5.54 pesos as of 9:49 a.m. local time, bound for the lowest close since Oct. 6. The benchmark Philippine Stock Exchange Index gained less than 0.1 percent.

To contact the reporter on this story: Ian Sayson in Manila at isayson@bloomberg.net

To contact the editor responsible for this story: Cecilia Yap at cyap19@bloomberg.net


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