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Alcatel-Lucent Jun 10
Standard & Poors, June 2010
Abstract
Adequate liquidity position. A wide range of technology, products, and services, with some industry-leading market positions. Large scale, diversified customer base, and significant cost-cutting achievements. Very low operating margins and negative free cash flow generation. Rapid technological changes, strong competitive pressures, and volatile industry demand. Weaker positions in the dominant GSM/WCDMA mobile technology standard than in CDMA. Significant debt maturities by January 2011 that will use up some liquidity. The ratings on France-based telecom equipment supplier Alcatel-Lucent reflect the company's very low operating margins and negative free cash flow; the intense competitiveness and volatility of the telecom equipment sector, which creates ongoing and costly restructuring needs; Standard & Poor's Ratings Services' expectation that any pickup in demand for telecom equipment...
Companies mentioned in this report are: Alcatel-Lucent,Alcatel-Lucent USA Inc.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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