Again misleading info:
Moody's downgrades KPN's ratings to Baa3/P-3; stable outlook
Not everyone likes kpn... As you know, there were NO any fundamental (negative) changes in kpn financials & debt-structures, etc. that could lead to downgrades at this particular moment in time...
The matter is that to calculate the “default probability” for a "name" Moody’s uses so-called “structural model” developed by KMV (based on Merton model). This methodology, although good enough for average company, heavily rely on instantaneous “stock-prices” developments...
So far, the KMV approach (and Moody’s) does NOT take into account that current so-called “trading funds” like kpn (funds with trading priorities) have often very large “speculative component” based on pure technical stuff (return optimization), which has NOTHING to do with company fundamentals.... As a result, a pure technical drop in stock prices may give a wrong signal (on allegedly changes in company credit-quality) which actually may NOT be related with company fundamentals at all
PS. Roughly speaking Moody's methodology may NOT be suitable for "trading stocks" - which represent a playground for short-term traders with pure technical objectives - to optimize ex-ante return..., and often do not care too much about company fundamentals. So, the stock-prices (for such funds) do not bear too much info, if any, about the name credit-quality