By Duncan Mackay

G4S security guards Olympic Park London 2012November 5 - The failure of G4S to fulfil its contract to provide more than 10,000 security personnel for London 2012 continues to hit the company after its credit rating was downgraded.


The decision was taken by Standard & Poor, an American financial services company that publishes financial research and analysis on stocks and bonds, blamed the company's poor handling of the Olympics and Paralympic contract. 

The company had a £284 million ($442 million/€361 million) contract with London 2012 to provide 10,400 security guards for the Olympics.

But only 4,000 guards were trained and ready by the time of the opening of the Games and the British Government had to draft in 4,700 extra troops on the eve of the Olympics.

Army guard in front of London 2012 logoThousands of soldiers had to be drafted in by the Government for London 2012 after G4S failed to train enough security guards

Stanard & Poor warned that the G4S will have to pay the costs associated with providing extra military and police personnel during the Games and that will affect its financial performance. 

G4S has said the episode will cost the company about £50 million ($81 million/€62 million) as it struggles to recover from the fiasco.

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