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Been Down So Long It Looks Like Up to Me: Recent Telecom Equipment Ratings Actions Sep 03
Standard & Poors, Sep 2003
Abstract
Standard & Poor's Ratings Services over the past month has revised outlooks and affirmed ratings on several global telecommunications equipment providers. The actions reflect Standard & Poor's belief that a moderation in the rate of decline in revenues among some of the equipment suppliers indicates that industry conditions are probably approaching cyclical lows after three consecutive years of severe contraction. At the same time, the ratings actions reflect industry conditions that remain challenging but that have allowed for improving profitability and balance sheet liquidity. These improvements have resulted from aggressive restructuring programs that have substantially reduced costs, including reducing total headcount by 53% from peak levels for the four companies under consideration. Current ratings reflect the view that, while industry...
Companies mentioned in this report are: Nortel Networks Ltd.,BellSouth Telecommunications Inc.,Ericsson (Telefonaktiebolaget L.M.),AT&T Inc.,Alcatel-Lucent,Alcatel-Lucent USA Inc.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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