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Alcatel Lucent May 09
Standard & Poors, May 2009
Abstract
Adequate liquidity position following asset disposals A wide range of products and technologies, with some industry-leading market positions Large scale and diversified customer base Low operating margins and negative free cash flow generation High restructuring costs Weaker positions in the dominant GSM/WCDMA mobile technology standard than in CDMA Strong price pressure and poor trading visibility 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 of the telecom equipment sector, which creates ongoing and costly restructuring needs; Standard & Poor's Ratings Services' expectation that a decline in demand for telecom equipment in 2009 should cause further revenue falls and post-restructuring operating losses for Alcatel Lucent; and...
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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