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Research Update: Alcatel-Lucent 'B' Long-Term Rating Affirmed On Higher-Than-Expected Debt Issue, Off Watch; Outlook Negative Feb 13

  • ID: 2417893
  • February 2013
  • Standard & Poors


  • Alcatel-Lucent
  • Alcatel-Lucent USA Inc.
  • MORE

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. On Feb. 18, 2013, Standard &...

Companies mentioned in this report are:
- Alcatel-Lucent
- Alcatel-Lucent USA Inc.

Action: Affirmed
Action: On CreditWatch:Negative
Action: Removed From CreditWatch

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- Alcatel-Lucent
- Alcatel-Lucent USA Inc.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown


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