S&P puts Telcordia on watch

Standard & Poor's said it placed its ratings for Telcordia Technologies, including the B+ corporate credit rating, on credit watch with negative implications.

This action reflects continued weakness in profitability and an increase in financial leverage, S&P said, noting that Telcordia Technologies faces a number of challenges across several business units.

These include a currently weaker-than-historical telecom industry spending environment, as well as consolidation within the regional Bell operating companies, a key client base for Telcordia, the agency added.

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