The Week: City News - S&P downgrades Virgin

Virgin Media, listed on the New York Stock Exchange, has been downgraded from "positive" to "stable" by the influential credit-rating agency Standard & Poor's, because of the group's "persistently limited revenue growth". Also this week, Morgan Stanley cut its price target for Virgin by almost a fifth, warning that the company is likely to continue to lose market share to rivals such as Sky, and forecasting a revenue decline of 1.1 per cent in 2007.