On Aug. 11, 2003, Standard & Poor's Ratings Services affirmed its 'BB' long-term corporate credit and senior unsecured debt ratings on Sweden-based telecommunications equipment maker Ericsson (Telefonaktiebolaget L.M.) following publication of the company's second quarter 2003 results. The outlook is negative. At the same time, Standard & Poor's affirmed its 'B' short-term corporate credit rating on the company. The ratings on Ericsson continue to reflect the severe and prolonged contraction affecting the global telecoms equipment industry, which has translated into a sharp decline in year-on-year sales and heavy operating losses after restructuring expenses for the company. The management's ability to successfully implement its restructuring program in order to break even on falling sales and to reach a sustainable self-financing position...
Companies mentioned in this report are:
- Ericsson (Telefonaktiebolaget L.M.)
- Sony Corp.
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