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Alcatel Lucent Jun 08
Standard & Poors, June 2008
Abstract
A wide range of products and technologies, with some industry-leading market positions Large scale and diversified customer base Solid liquidity position Significant merger-related integration risks and restructuring costs Low operating margins and negative free cash flow generation Weaker positions in the dominant GSM/WCDMA mobile technology standard than in CDMA Strong price pressure and poor trading visibility, due to fierce competition among suppliers and constrained client spending Rapid technological changes, resulting in erratic demand patterns The ratings on France-based telecom equipment supplier Alcatel Lucent primarily reflect the company's post-merger integration risks and significant restructuring, which result in negative free cash flow. The telecom equipment industry's strong pricing pressure and erratic spending patterns also influence the rating. These weaknesses are partially offset,...
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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