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S&PCORRECT: Ericsson Ratings Lowered to 'BB+/B'; Long-Term Ratings Remain on Watch Neg Aug 02 Product Image

S&PCORRECT: Ericsson Ratings Lowered to 'BB+/B'; Long-Term Ratings Remain on Watch Neg Aug 02

  • ID: 1871317
  • August 2002
  • Standard & Poors

Abstract
(Editor's note: This media release, issued earlier today, has been republished to clarify misstated rating actions appearing in the first paragraph. A corrected version follows.) LONDON (Standard & Poor's) Aug. 1, 2002--Standard & Poor's Ratings Services said today it lowered its long-term corporate credit rating on Sweden-based telecommunications equipment manufacturer Ericsson (Telefonaktiebolaget L.M.) to double-'B'-plus from triple-'B'-minus and its short-term corporate credit rating on the group to 'B' from 'A-3' due to the continued deterioration in Ericsson's credit profile. All long-term ratings remain on CreditWatch with negative implications, where they were placed on July 22, 2002, pending the completion of Ericsson's critical Swedish krona (Skr) 30 billion ($3.13 billion) rights offering. The short-term ratings were removed from CreditWatch, where they...

Companies mentioned in this report are: Ericsson (Telefonaktiebolaget L.M.)
Action: Downgraded

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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Ericsson (Telefonaktiebolaget L.M.)

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