Alcatel-Lucent has raised €2.0 billion (equivalent) via senior secured facilities at its subsidiary Alcatel-Lucent USA Inc., which is €0.4 billion more than we expected. The positive impact of this debt issue on the group's liquidity, and cash balances that were somewhat higher than we expected at year-end 2012, are largely offsetting our expectations of continued significant cash losses in 2013. We are affirming our 'B' long-term ratings on Alcatel-Lucent and Alcatel-Lucent USA and removing them from CreditWatch negative. The negative outlook reflects the possibility of a downgrade over the next 12 months if the group's currently adequate liquidity is impaired by continued significantly negative cash losses or substantial redemptions of debt maturities beyond 2015. FRANKFURT (Standard & Poor's) Feb. 18,...
Companies mentioned in this report are:
- Alcatel-Lucent USA Inc.
Action: On CreditWatch:Negative
Action: Removed From CreditWatch
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. SHOW LESS READ MORE >