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Alcatel Apr 05
Standard & Poors, April 2005
Abstract
Solid liquidity, with gross cash and equivalents of -5.1 billion at Dec. 31, 2004, exceeding financial gross debt by -752 million; Recent restructuring initiatives, shaping a leaner and more focused company that is better equipped to adapt to industry changes; A wide range of products and technologies, some with top positions worldwide, making the company an integral supplier for its customers. A diversified customer base, with about 80% of sales to incumbent telecoms operators enjoying good credit quality, and no single customer exposure of more than 10% of sales; About 30% of sales to operations not directly related to carrier spending, in areas such as space solutions, services fees under term contracts, and submarine activities; Large number of operations that...
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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