Standard & Poor’s Ratings Services today said it withdrew its ratings, including its ‘D’ long-term corporate credit rating, on telecommunications equipment manufacturer Nortel Networks Ltd. (NNL) and its related entities at the company’s request.
On Jan. 14, 2009 – the day Nortel’s bankruptcy was announced – S&P lowered its long-term corporate credit rating on NNL to ‘D’ from ‘B-‘. The ratings on NNL are based on the consolidation with parent Nortel Networks Corp. (collectively, Nortel). At the same time, S&P lowered the issue-level ratings on all of Nortel’s variously rated senior unsecured notes to ‘D’. The ratings service also lowered the issue-level ratings on NNL’s C$750 million preferred shares outstanding to ‘D’ from ‘C’.