Moody's: Mitel Networks IPO positive

Moody's Investors Service said that Mitel Networks Corp.'s proposed initial public offering of common shares could have positive credit implications if successfully completed.

Moody's said that its most recent rating action concerning Mitel was taken on Sept. 1, at which time the company's corporate family rating and probability of default rating were downgraded to Caa1 and the outlook was changed to negative.

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