Mitel Networks Corp. Jun 11
Standard & Poors, June 2011
Abstract
Competitive intensity from large telephone equipment vendors Narrow product and target market focus (small-to-midsize businesses [SMB]) Market conditions in the company's target market remain difficult Profitability has been weak in recent quarters Limited financial flexibility given tight covenant headroom Still-healthy market position in the SMB internet protocol (IP) telephony segment Enterprise IP telephony market has attractive long-term growth potential Stabilized revenue despite difficult market conditions Operations should generate positive cash flow in the near term The ratings on Ottawa-based telecommunications equipment provider Mitel Networks Corp. reflect what Standard & Poor's Ratings Services considers the company's vulnerable business risk profile given its weak operating performance; evolving strategic direction; reliance on still credit-constrained small and midsize business (SMB) customers; and operation in...
Companies mentioned in this report are: Mitel Networks Corp.,Mitel Networks Inc.,Inter-Tel 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
Mitel Networks Corp.,Mitel Networks Inc.,Inter-Tel Inc.
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