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[…] although we see significant scope for ft to cut costs and deliver a compelling yield and even though the ceo has strong track record execution, the government role in giving ft the flexibility it requires is pivotal.
… the government's role will again be pivotal in refinancing and reducing this debt.

although moody's does not have any immediate liquidity concerns, the rating agency notes that ft faces around €15 billion of total long-term debt maturities in 2003;”
although moody's does not have any immediate liquidity concerns, the rating agency notes that ft faces around €15 billion of total long-term debt maturities in 2003’.