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Alcatel Sep 02
Standard & Poors, Sep 2002
Abstract
One of the leading global manufacturers of telecoms equipment; Diversified client base, mainly composed of former incumbents; Large scale of operations and wide geographical reach; and Current adequate liquidity position and refinancing profile. The very severe and prolonged contraction affecting the global telecoms equipment industry, with demand decreasing by more than 25%; Negative income from operations of -1.1 billion, and cash out flows (before working capital changes) of -1.8 billion over the past 12 months; Large overcapacity in the industry and very strong price competition between a few players with global reach; and The industry's high technological risk and capital intensity. The ratings on France-based telecommunications equipment maker Alcatel mainly reflect the very severe and prolonged contraction affecting the global...
Companies mentioned in this report are: Alcatel-Lucent
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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