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Oct 5 - Alstom's shares plunged by as much as 38% in Paris on Thursday after the maker of France's iconic TGV trains slashed its full-year free cash flow target, fuelling concerns over its debt levels as interest rates rise.
The group said it now expects a cash outflow of 500-750 million euros over the full year, after a preliminary first-half outflow of 1.15 billion euros, well above the consensus for a 152 million euro outflow cited by Jefferies. Traders meanwhile voiced concerns that Alstom could lose its investment grade rating and noted that investor confidence in its management could be brought into question.
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