S&PCORRECT: Ericsson Ratings Lowered to 'BB+/B'; Long-Term Ratings Remain on Watch Neg Aug 02
- ID: 1871317
- August 2002
- Standard & Poors
(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.)
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