Mr Alexander remained positive about Westminster's economic strategy, despite the credit rating cut.

BBC: Money

The rating agencies say they will only do that once Vivendi has a credible business strategy in place.

ECONOMIST: Broadcasting

Now, in the face of a possible downgrade of its credit rating, he says it's staying at the holding company "pending our strategy review and consultation with our board" and until MBIA can talk to Moody's about its requirements.

FORBES: Facing Downgrade, MBIA Comes Out Fighting