Technology Industry
Industry: Email Alert RSS FeedEricsson suffers Moody's downgrade. (Business).
RCR Wireless News, September, 2002
STOCKHOLM, Sweden--Barely a week after its rights issue, telecom equipment maker L.M. Ericsson said the company's downgrade by Moody's Investors Service from Ba1 to Ba2 will increase its financing cost. Ericsson's shares dropped on the downgrade. However, the company said "we believe we have sufficient liquidity to carry us through this uncertain market situation.
"We reiterate our view that in the short-term the market is indeed characterized by great uncertainty and the third-quarter development so far does not indicate any improvement."
Ericsson expects to make a profit next year, according to the statement.
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