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The company's broker Investec said profits could be downgraded by as much as 25%, and it did not expect an update until August.
Even if a bond is not in immediate danger of default, it may be downgraded by a rating agency, potentially hurting the value.
Yesterday, Spain became the first major country to be downgraded by ratings agency S&P, from the top rating of AAA to AA+.
Some analysts, like Mr. Schnautz of Commerzbank, say the scale of the threat has been exaggerated, given that Greek bonds would have to be downgraded by three more notches to start encountering problems.
A12 Credit Crisis for 11 Colleges Clarke College in Dubuque, Iowa, recently became one of 11 colleges and universities to be downgraded by Moody's Investors Service, which analyzes the financial health of institutions to gauge their credit worthiness.
It was humiliating enough to endure the scorn and abuse of the white units; to be downgraded by the very government they had volunteered to preserve was more than they would tolerate.
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Greece had already been downgraded by Standard & Poor's.
Latvia's credit rating was downgraded by Standard & Poor's.
It has already been downgraded by one ratings agency.
Both Tyco and CIT were downgraded by Standard and Poor's, and Fitch Ratings downgraded CIT.
Following an extensive reassessment, Mexico's reserves have been downgraded by 41% to 28.4 billion barrels.
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