Moody’s cut Lucent debt rating to ‘junk’ status Tues. with warnin...
Moody’s cut Lucent debt rating to “junk” status Tues. with warning it may cut rating again over concerns of company’s ability to raise cash. Agency cut senior long-term debt to “Ba1,” its highest junk grade, from “Baa3” and Lucent…
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commercial paper, or short-term debt, from “Not Prime” from “Prime-3.” Cuts affect $3.8 billion of Lucent debt. Company faces “more protracted downturn” and may not be able to sell its fiber cable division fast enough and for enough money, Moody’s said. Lucent also faces Sept. 30 deadline to raise $2 billion to finish spinoff of Agere Systems optical components unit. Standard & Poor’s cut equivalent ratings for Lucent to junk June 12.