Obbligazioni societarie Telecom equipments: Alcatel-Lucent, Ericsson e le altre. (1 Viewer)

[lorenzo63]

Nortel

E dopo l' annuncio del taglio di 3200 posti, Nortel dichiara una perdita di 2,14 miliardi di$ pari a 4,28 $ per azione raddoppiata rispetto a quanto fatto l' anno scorso, ovvero 844 milioni di $ ovvero 1,7$ per azione.

Nortel Networks Corp. said its quarterly loss more than doubled amid charges and a 15% drop in revenue in the final quarter before the company filed for bankruptcy protection.
The telecom-equipment company reported a net loss of $2.14 billion, or $4.28 a share, in the quarter ended Dec. 31, compared with a net loss of $844 million, or $1.70 a year earlier. The latest loss includes a goodwill write-down of $1.24 billion and a $951 million reduction of deferred tax assets, among other items.

Revenue was $2.72 billion, down from revenue of $3.2 billion a year earlier as the market continued to deteriorate and customers cut or deferred spending.

Nortel's enterprise business, one of the divisions it was counting on to help revive its fortunes, posted some of the weakest results. The business, which competes with Cisco Systems Inc., reported a 30% year-over-year decline in revenue, to $535 million. Nortel attributed the weakness to lower demand for its products across geographies and the unfavorable impact of foreign exchange.

Struggling with declining demand for its products, Toronto-based Nortel filed for bankruptcy protection in Canada and the U.S. in January and has been trying to restructure.

The company said a "strong operating performance focused on customers, costs and cash resulted in meeting or exceeding guidance for management operating margin and cash."

It ended the fourth quarter with a cash balance of $2.4 billion. Its cash position at Sept. 30 was $2.3 billion.

Last week, it announced plans to cut 3,200 jobs world-wide in the coming months. The layoffs are in addition to 1,800 job cuts announced last year, and will bring its workforce to about 25,000 from 93,000 employees in the 1990s. The company has also been trying to sell non-core businesses.

Monday, it said it has named Chief Financial Officer Pavi Binning to the added role of chief restructuring officer.

The company said that, due to global economic uncertainty and the work it's doing on its restructuring, it won't provide guidance

 

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Oggi quelli di Moody's stanno facendo gli straordinari... Sono così ottimisti circa il raggiungimento dell'obiettivo del pareggio operativo già nel 2009 che tengono in outlook negativo Al-Lu in considerazione del rischio che le operazioni di ristrutturazione pianificate non raggiungano il risultato D) oltre che in vista di un calo sensibile dei volumi di fatturato...

Sul fronte delle buone notizie (ritenute tuttavia insufficienti dall'agenzia a fronte dell'intensità con cui Al-Lu brucia cassa) segnalo che alla liquidità già disponibile si aggiungeranno i proventi della vendita della quota in Thales, stimati in 1,6 mld euro che incrementano i 3,5 mld euro preesistenti.

Il problema è che, nonostante la realizzazione delle sinergie in termini di tagli di costi, la profittevolezza di Al-Lu nel core business resta bassa e rischia di essere ancor più compromessa da un calo dei volumi di vendita a doppia cifra in questo segmento di attività.

Il leverage 2008 è ad 8,5x, l'indice di copertura degli interessi sul debito da parte dell'utile operativo è inferiore ad 1 (0,8x).

Resta in outlook negativo perché la scarsa visibilità dei ricavi attesi e la incertezza nell'ottenimento di una una struttura di costi più efficiente lasciano la possibilità di ulteriori cali del rating nel breve termine

[FONT=verdana,arial,helvetica]Moody's downgrades senior debt of Alcatel-Lucent to B1[/FONT]

[FONT=verdana,arial,helvetica]Approximately EUR5.3 billion of rated debt instruments affected [/FONT]

[FONT=verdana,arial,helvetica]Frankfurt, February 18, 2009 -- Moody's Investors Service has downgraded to B1 from Ba3 the Corporate Family Rating (CFR) of Alcatel-Lucent. The ratings for senior debt of the group were equally lowered to B1 from Ba3 and the trust preferred notes of Lucent Technologies Capital Trust I have been downgraded to B3 from B2. At the same time, Moody's affirmed its Not-Prime rating for short term debt of Alcatel-Lucent. [/FONT]

[FONT=verdana,arial,helvetica]The outlook for the ratings stays negative in view of the near term challenges to business volumes and execution of restructuring aimed at bringing the company to operating profit break-even in 2009 and towards cash generation in the following year. [/FONT]

[FONT=verdana,arial,helvetica]Wolfgang Draack, Senior Vice President and lead analyst for Alcatel-Lucent, summarized: "The rating downgrade reflects the fact that the company's profitability and cash generation has not shown the improvement that Moody's expected to accrue from the merger of Alcatel and Lucent and the subsequent integration and cost saving measures. [/FONT]

[FONT=verdana,arial,helvetica]In addition, its revenue decline, particularly in the core carrier segment, is accelerating in year on year comparison and cash consumption continues at a high level. While the company still has substantial cash liquidity, at the level of EUR3.5 billion net of short term debt, and has agreed to sell its stake in Thales for about EUR1.6 billion, this compares to about EUR700 million cash consumption over the last 4 quarters. [/FONT]

[FONT=verdana,arial,helvetica]Continuing high net cash outflows and possibly further cash cost of restructuring would increasingly absorb the company's financial flexibility." [/FONT]

[FONT=verdana,arial,helvetica]Contrary to Moody's expectation of operating profitability improving materially in 2008 and cash consumption trending towards a positive amount, but not exceeding EUR600 million in 2008, Alcatel-Lucent's performance and credit metrics have not shown material signs of a turnaround in the past year. [/FONT]

[FONT=verdana,arial,helvetica]In addition, the outlook for business and revenues is very subdued at least for the first half 2009, while low visibility in the economic environment does not allow a reliable forecast for the duration of this demand weakness. [/FONT]

[FONT=verdana,arial,helvetica]Alcatel-Lucent, after the recent change in top management levels, anticipates an 8-12% decline in the market 2009, which is actually the most conservative view among the large communication equipment providers, and targets a break-even operating profit. [/FONT]

[FONT=verdana,arial,helvetica]This is to be achieved after implementing further cost reductions, resulting in EUR750 million run rate savings expected by end 2009. Given the fact that the largest segment, the carrier business, has been performing just below break-even for the past two years in spite of more than EUR2.0 billion synergy benefits originally targeted and largely achieved, and the prospect for a double-digit decline in revenues, Moody's is concerned that the planned restructuring measures may prove insufficient to return Alcatel-Lucent to robust profitability near term. [/FONT]

[FONT=verdana,arial,helvetica]Continued performance at the credit metrics for 2008, including EBIT interest coverage of about 0.8 times and debt/EBITDA of 8.5 times, both including Moody's adjustments, is not commensurate with a Ba rating and will actually have to improve considerably to support the current B1 corporate family rating for Alcatel-Lucent. [/FONT]

[FONT=verdana,arial,helvetica]The negative outlook for the ratings reflects the risks to management's business plan given (i) the low visibility of near term revenues, (ii) the challenges to retain cost savings in a price competitive industry, and ongoing large restructuring cost leading to continued high cash consumption with finite liquid resources. [/FONT]

[FONT=verdana,arial,helvetica]The rating incorporates the expectation that continued restructuring measures will serve over time to mitigate the impact of pressures on demand and price levels, and that cumulative cash consumption, excluding debt repayments, from 1 January 2009 will be contained within one quarter of cash liquidity minus short term debt (€3.5 billion at FYE 2008).[/FONT]

Ahiahiahi paloma :

03.03.09 16:04 - *Alcatel Lucent: S&P taglia rating da BB- a B+

 

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03.03.09 16:10 - Ericsson: S&P alza outlook su debito a stabile

PARIGI (MF-DJ)--Standard & Poor's ha alzato l'outlook sul debito di lungo periodo di Ericsson da negativo a stabile, confermando il rating a BBB+.

L'agenzia ha spiegato che Ericsson si trova a dover affrontare un mercato delle infrastrutture per le tlc molto instabile nel 2009,
ma che grazie alla sua posizione finanziaria ed al suo business solido e' improbabile che sia oggetto di un taglio del rating.

 

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03.03.09 16:17 - Alcatel Lucent: S&P taglia rating da BB- a B+
PARIGI (MF-DJ)--Standard & Poor's ha tagliato il rating sul debito di lungo periodo di Alcatel Lucent da "BB-" a "B+", confermando quello sul breve periodo a "B" e l'outlook a negativo.

L'agenzia di rating ha spiegato che il downgrade e' legato alle previsioni di un calo della domanda per il settore delle attrezzature per le tlc nel 2009 che dovrebbe pesare ulteriormente sul fatturato e sui risultati operativi del gruppo.

Standard & Poor's ha previsto per Alcatel Lucent perdite almeno pari ai proventi di 1,56 miliardi di euro legati alla vendita della sua quota del 20,8% in Thales, oltre alla scadenza di obbligazioni per 1 miliardo per il 2009.

Gli analisti prevedono quindi un forte deterioramento del livello di liquidita' per Alcatel, a causa del calo dei profitti e degli elevati costi di ristrutturazione legati al deterioramento delle condizioni di mercato.

 

[Imark]

03.03.09 16:10 - Ericsson: S&P alza outlook su debito a stabile

PARIGI (MF-DJ)--Standard & Poor's ha alzato l'outlook sul debito di lungo periodo di Ericsson da negativo a stabile, confermando il rating a BBB+.

L'agenzia ha spiegato che Ericsson si trova a dover affrontare un mercato delle infrastrutture per le tlc molto instabile nel 2009,
ma che grazie alla sua posizione finanziaria ed al suo business solido e' improbabile che sia oggetto di un taglio del rating.

Ericsson è il meglio figo di questo bigoncio...

 

[troppidebiti]

nessun fan di telecom italia?

 

[Imark]

nessun fan di telecom italia?

Di quelle trattiamo sul monitor telecom... e sono i fornitori di servizi... questi invece sono quelli delle infrastrutture... che hanno le telecom come loro clienti.

 

[Imark]

03.03.09 16:17 - Alcatel Lucent: S&P taglia rating da BB- a B+
...

Il commento, per chi volesse disporne in lingua... noto che il bond senior unsecured ha ancora un recovery rating di 3, che mi sembra un po' alto di questi tempi.

In sostanza la liquidità aggiuntiva che ricava dalla vendita di Thales basta appena per il 2009, fra scadenze debitorie, perdite operative e costi di ristrutturazione.


Alcatel Lucent's Rating Cut To 'B+' On Operating Trends, Cash Burn; Outlook Neg; Teleconference At 5pm CET

PARIS (Standard & Poor's) March 3, 2009--Standard & Poor's Ratings Services said today that it has lowered to 'B+' from 'BB-' its long-term corporate credit ratings and senior unsecured ratings on France-based telecom equipment and services supplier Alcatel Lucent and its subsidiary Alcatel-Lucent USA Inc. (formerly Lucent Technologies Inc.).

The 'B' short-term rating on Alcatel Lucent has been affirmed. The outlook is negative.

The ratings on Alcatel-Lucent USA's $1.0 billion trust preferred securities were also lowered by one notch, to 'CCC+', which is three notches below the corporate credit rating. All ratings were removed from CreditWatch where they were placed on Dec. 12, 2008, with negative implications.

The 'B-1' rating on Alcatel Lucent USA Inc. was withdrawn. The recovery ratings are unchanged: Alcatel Lucent's senior unsecured debt has a '3' recovery rating, indicating our expectation of meaningful (50%-70%) recovery in the event of a payment default, while Alcatel-Lucent USA Inc.'s convertible bonds have a '4' recovery rating, indicating our expectation of average (30%-50%) recovery in the event of a payment default.

On Dec. 31, 2008, Alcatel Lucent had gross on-balance-sheet debt of €5.7 billion, including the equity component of convertible bonds. "The downgrade primarily reflects our expectation that a decline in demand for telecom equipment in 2009 should cause further revenue falls and post-restructuring operating losses for Alcatel Lucent in 2009," said Standard & Poor's credit analyst Patrice Cochelin.

According to our estimates, Alcatel Lucent's cash losses, along with €1.0 billion in debt maturities for 2009, are likely to at least match the €1.56 billion of proceeds that Alcatel Lucent expects to receive from a sale, during second-quarter 2009, of a 20.8% stake in defense group Thales S.A. (A-/Stable/A-2).

For the year 2008 and in fourth-quarter 2008, the company reported a 5% revenue decline, year on year, including a double-digit decline in the core Carrier segment (68% of 2008 revenues). The operating margin for 2008 was 3%, slightly up from about 1 % in 2007 including about 6% in the seasonally strong fourth-quarter 2008, broadly flat with fourth-quarter 2007.

Free operating cash flow (FOCF) after gross capital expenditures and backing out changes in sold receivables was a somewhat lower cash burn of about negative €647 million in 2008, compared with negative €765 million in 2007, according to our calculations. The bulk of the year-on-year improvement was attributable to fourth-quarter 2008, when FOCF was positive, at €204 million, compared with a positive €104 million in fourth-quarter 2007.

Cash restructuring of €172 million in fourth-quarter 2008 was €48 million lower than in fourth-quarter 2007. As a consequence of low profits and high restructuring costs, we believe that Alcatel Lucent is likely to record another year of highly negative free cash flow in 2009, given the deteriorating trading conditions.

"The negative outlook primarily reflects our expectation that Alcatel Lucent will maintain a high cash burn over 2009, and the possibility of a further downgrade during 2009 if our expectations for a recovery starting in late 2009 receded or if the restructuring plan failed to limit operating margin pressures," said Mr. Cochelin.

Failure to sell the stake in Thales would probably result in a downgrade, possibly by several notches.

On the other hand, demonstration that the company can limit its cash burn while withstanding the current economic downturn would support an outlook revision to stable. Improved access to consolidated cash balances by parent company and debt-issuing entities could also help support rating stability.

 

[Imark]

I campioni restano quelli della Ericsonn, al punto da prendersi una revisione in positivo della valutazione di S&P nonostante il contesto compartimentale rimanga negativo per tutto il 2009.

Resta semmai qualche preoccupazione per possibili perdite della jv con Sony che gestisce la produzione di telefonini, ma S&P ritiene che cmq il buon andamento del telecom equipment sia in grado di compensare senza particolari problemi.

Per gli interessati, link agli Eurobond in euro di Ericsson.

il 6,75% Ericsson 11/2010
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=9233302

il 5,375% Ericsson 2017
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=17217860

C'è anche un TV a scadenza 2014
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=17221747


Ericsson Outlook To Stable On Stong Business And Financial Positions; Affirmed At 'BBB+/A-2'; Teleconf Today 5pm CET

PARIS (Standard & Poor's) March 3, 2009--Standard & Poor's Ratings Services said today that it revised the outlook on Sweden-based telecom equipment manufacturer Ericsson (Telefonaktiebolaget LM) to stable from negative. At the same time, the 'BBB+' long-term corporate credit and senior unsecured debt ratings and the 'A-2' short-term ratings were affirmed.

At Dec. 31, 2008, Ericsson reported gross consolidated financial debt of SEK30 billion. "The outlook revision reflects our view that, although Ericsson will face what is likely to be a challenging telecom infrastructure market for 2009, its strong business and financial positions are likely to provide credit support, making a rating downgrade unlikely in the next few months," said Standard & Poor's credit analyst Patrice Cochelin.

There remain significant areas of uncertainty regarding Ericsson's operating perspectives for 2009, not least in connection to the extent of any telecom equipment market decline and how it could affect Ericsson's revenues and margins, along with possibly increasing cash losses at its 50% joint venture Sony Ericsson Mobile Communications (SEMC).

However, we believe that Ericsson's strong position on key mobile technologies, early and ongoing tackling of its cost base, broad and established customer and geographic presence, focused research and development, and solid balance sheet should enable the group to absorb these impacts with only modest, if any, deterioration in its credit profile in 2009.

"The stable outlook reflects our view that Ericsson should preserve its balance sheet in 2009, and in particular that the company should be able to cover any support to SEMC from its core business free operating cash flow generation," said Mr. Cochelin.

Also factored into the stable outlook is our assumption that Ericsson's margins should gradually benefit, in 2009, from the company's cost-cutting program and favorable currency developments, partially offsetting our pricing pressure expectations.

As a result, we do not expect net cash to decrease by more than about SEK15 billion in 2009, which is our estimate for the sum of the company's dividend and the ST Ericsson payment. Ratings pressure would build up again if these assumptions proved too optimistic.

We do not, at present, foresee rating upside for Ericsson, because of the long-term challenges inherent to the telecom equipment industry, our expectation of a challenging telecom infrastructure market in 2009, and the significant operating challenges at SEMC.

 

[Imark]

I campioni restano quelli della Ericsonn, al punto da prendersi una revisione in positivo della valutazione di S&P nonostante il contesto compartimentale rimanga negativo per tutto il 2009.

Resta semmai qualche preoccupazione per possibili perdite della jv con Sony che gestisce la produzione di telefonini, ma S&P ritiene che cmq il buon andamento del telecom equipment sia in grado di compensare senza particolari problemi.

Per gli interessati, link agli Eurobond in euro di Ericsson.

il 6,75% Ericsson 11/2010
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=9233302

il 5,375% Ericsson 2017
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=17217860

C'è anche un TV a scadenza 2014
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=17221747


Ericsson Outlook To Stable On Stong Business And Financial Positions; Affirmed At 'BBB+/A-2'; Teleconf Today 5pm CET

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E vincono un robusto appalto per la realizzazione della rete 3G in Turchia per conto di Turkcell, il principale operatore mobile del paese... da Cellular-news di oggi


Ericsson to Build 3G Network for Turkcell


­Ericsson has signed a contract with Turkey's dominant mobile network, Turkcell, as the main supplier to build a complete WCDMA/HSPA network and a range of related services. 3G network preparations started in February, and previous comments from the company suggest that it is looking at a partial launch in June.

Under the agreement, Ericsson will supply an end-to-end network solution, including a WCDMA/HSPA radio access network, and an IP-over-Ethernet-enabled mobile-backhaul solution based on microwave transmission. Ericsson will also be responsible for a full range of services, including, systems integration, technical support and network build and implementation.

Süreyya Ciliv, CEO of Turkcell, says: "We will continue our 3G investments in order to maintain our leadership in 3G coverage and quality just like today. Apart from our infrastructure studies, we are continuing to work on solutions that will enable us to provide improved services and products so that our customers can use them wherever they prefer, faster and with more appropriate prices. We are continuing to invest in Turkey and Turkey's future.

The financial details of the contract were not disclosed.
Turkcell ended last September as the largest operator in the country, with a market share of around 55.5%, and 36.3 million customers. The country itself has a 91% population penetration level.