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Moody's cuts Alcatel-Lucent
Moody's Investors Service said it downgraded Alcatel-Lucent's debt ratings to B2 from B1 and changed the outlook to stable from negative.
The downgrade affects both the corporate family rating and the probability of default rating.
Concurrently, Alcatel-Lucent's senior debt ratings were downgraded to B3, LGD5 (75%) from B2, LGD5 (75%) and the ratings for the two convertible bonds of Lucent that have been guaranteed by Alcatel-Lucent on a subordinated basis have been downgraded to Caa1, LGD5 (77%) from B3, LGD5 (75%).
Moody's said the downgrade was driven by its view that, in 2012 again, the company will not be able to generate positive free cash flows from continuing operations.
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