Nortel Networks Ltd. http://www.alacrastore.com/company-snapshot/Nortel_Networks_Ltd-1014554 Tuesday, October 14, 2008 5:55:33 AM 1014554 Nortel Networks Ltd. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/moodys/PR_156292_600060963moodys/PR_156292_600060963htmlGlobal Credit Research Rating Action ## SEP #### Rating Action: Nortel Networks Corporation Moody's changes Nortel's ratings outlook to negative Approximately $#.# billion of debt and preferred share instruments affected Toronto, September...9/24/2008 12:36:53 AMhtmlNortel Networks CorporationNortel Networks Capital CorporationNortel Networks LimitedNortel Networks Capital Corporation; Nortel Networks Corporation; Nortel Networks Limited600060963600018808558500150.0000NewsRating ActionPR_156292_600060963Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/671948spcred/671948normThe latest News from S&Pglobalstructured9/17/2008 6:27:00 PM100News671948CanadaCommunications EquipmentCanadaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCommercial MBSHigh TechnologyCapital GoodsTelecommunications & CableNewsTORONTO (Standard&Poor's) Sept. 17, 2008--Standard&Poor's Ratings Services today said it revised its outlook on Toronto-based telecommunications equipment provider Nortel Networks Ltd. (NNL) to stable from positive. At the same time, we affirmed the ratings, including the 'B-' long-term corporate credit rating, on the company. The ratings on NNL are based on the consolidation with parent Nortel Networks Corp. (collectively, Nortel). At June 30, Nortel had about US$4.5 billion of debt outstanding. "The outlook revision reflects our concern that weakened economic conditions together with slower purchases by North American carriers and Enterprise customers will lead to a marked decline of revenues at Nortel in the next 12-18 months," said Standard&Poor's credit analyst Madhav Hari. Furthermore,CAN66581565656945201020 452010 4520 45Nortel Networks Ltd.101700CANUSA83739ZNEWSGLOBISSSTRUCCORPABSCMBSHighCapitalTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/671949spcred/671949normThe latest Research Update from S&Pglobalstructured9/17/2008 6:27:00 PM175Research Update671949CanadaCommunications EquipmentCanadaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCommercial MBSTelecommunications & CableHigh TechnologyCapital GoodsResearch UpdateOn Sept. 17, 2008, Standard&Poor's Ratings Services revised its outlook on Toronto-based telecommunications equipment provider Nortel Networks Ltd. (NNL) to stable from positive. At the same time, we affirmed the ratings, including the 'B-' long-term corporate credit rating, on the company. The ratings on NNL are based on the consolidation with parent Nortel Networks Corp. (collectively, Nortel). At June 30, Nortel had about US$4.5 billion of debt outstanding. The outlook revision reflects our concern that weakened economic conditions together with slower purchases by North American carriers and Enterprise customers will lead to a marked decline of revenues at Nortel in the next 12-18 months. Furthermore, the company's decision to consider the divestiture of important growth areas, such asCAN66581565656945201020 452010 4520 45Nortel Networks Ltd.101700CANUSA83739ZRESUPDUSACAN65656866581045201020 452010 4520 45Nortel Networks Corp.Nortel Networks Capital Corp.353362305909USACAN93199ZGLOBISSSTRUCCORPABSCMBSTelecommunicationsHighCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_155955_600060963moodys/PR_155955_600060963htmlGlobal Credit Research Rating Action ## MAY #### Rating Action: Nortel Networks Corporation Moody's Assigns B# to Nortels' add-on $### mm Debt Issue $### million of debt securities rated; stable outlook continues Toronto, May ##, ####...5/22/2008 12:26:33 AMhtmlNortel Networks CorporationNortel Networks Capital CorporationNortel Networks LimitedNortel Networks Inc.Nortel Networks Capital Corporation; Nortel Networks Corporation; Nortel Networks Inc.; ...600060963600018808558500558000150.0000NewsRating ActionPR_155955_600060963Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/649579spcred/649579normThe latest News from S&Pglobalstructured5/21/2008 3:23:27 PM100News649579CanadaCommunications EquipmentCanadaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCommercial MBSCapital GoodsHigh TechnologyTelecommunications & CableNewsTORONTO (Standard&Poor's) May 21, 2008--Standard&Poor's Ratings Services today said it revised its outlook on Toronto-based telecommunications equipment provider Nortel Networks Ltd. (NNL) to positive from stable. At the same time, we affirmed the ratings, including the 'B-' long-term corporate credit rating, on the company. The ratings on NNL are based on the consolidation with parent Nortel Networks Corp. (collectively, Nortel). At March 31, Nortel had about US$4.6 billion of debt outstanding. At the same time, we assigned a 'B-' bank loan rating to NNL's proposed US$500 million 10.75% senior unsecured notes due 2016. The notes are being issued as an add-on to the existing US$450 million 10.75% senior unsecured notes due 2016, issued July 2006. WeCAN66581565656945201020 452010 4520 45Nortel Networks Ltd.101700CANUSA83739ZNEWSGLOBISSSTRUCCORPABSCMBSCapitalHighTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/649580spcred/649580normThe latest Research Update from S&Pglobalstructured5/21/2008 3:23:00 PM175Research Update649580CanadaCommunications EquipmentCanadaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCommercial MBSCapital GoodsHigh TechnologyTelecommunications & CableResearch UpdateOn May 21, 2008, Standard&Poor's Ratings Services revised its outlook on Toronto-based telecommunications equipment provider Nortel Networks Ltd. (NNL) to positive from stable. At the same time, we affirmed the ratings, including the 'B-' long-term corporate credit rating, on the company. The ratings on NNL are based on the consolidation with parent Nortel Networks Corp. (collectively, Nortel). At March 31, Nortel had about US$4.6 billion of debt outstanding. At the same time, we assigned a 'B-' bank loan rating to NNL's proposed US$500 million 10.75% senior unsecured notes due 2016. The notes are being issued as an add-on to the existing US$450 million 10.75% senior unsecured notes due 2016, issued July 2006. We also assigned a recovery ratingCAN66581565656945201020 452010 4520 45Nortel Networks Ltd.101700CANUSA83739ZRESUPDCAN65656845201020 452010 4520 45Nortel Networks Corp.353362CANGLOBISSSTRUCCORPABSCMBSCapitalHighTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_61124_600060963moodys/PR_61124_600060963htmlRating Action12/21/2007 4:57:21 AMGlobal Credit Research Rating Action # NOV #### Rating Action: Nortel Networks Corporation MOODY'S LOWERS RATINGS ON DEBT OF NORTEL NETWORKS (SENIOR SECURED TO B# FROM Ba#), OUTLOOK NEGATIVE Approximately $#.# Billion of Debt Securities...Nortel Networks Corporation600060963150.00Newshtml600018808Nortel Networks Capital Corporation558500Nortel Networks LimitedNortel Networks Capital Corporation; Nortel Networks Corporation; Nortel Networks LimitedPR_61124_600060963Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PBC_76682moodys/PBC_76682pdfAnalysis12/21/2007 4:55:00 AM...- The implosion of the CLECs; rapid decline of the long-distance carriers, particularly long-haul startups; slower than expected roll-out of wireless #G services; and reduced capital spending by the incumbent carriers have resulted in a rapid and continuing contraction of Nortel Networks' end markets. ... Nortel Networks Limited558500300.00AnalysispdfNortel Networks LimitedPBC_76682Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/614833spcred/614833normThe latest Full Report from S&P11/22/2007 10:31:28 AMFull Report400globalstructured614833CanadaCommunications EquipmentCanadaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCommercial MBSCapital GoodsHigh TechnologyTelecommunications & CableFull ReportBroad product portfolio in key growth areas Solid carrier relationships and diversified installed base Good technology position and customer mind share Adequate liquidity from cash balances of US$3.1 billion Revenue uncertainty and limited visibility on prospect of long-term success High pricing pressures from fierce competition challenges quick recovery Weak market position in several products Weak profitability and negative free cash flow generation High debt leverage and weak credit protection measures The ratings on Toronto-based telecommunications equipment provider Nortel Networks Ltd., which are based on the consolidation with parent Nortel Networks Corp. (collectively Nortel), are constrained by a highly competitive telecom equipment industry, notably in the context of continuing carrier customer consolidation; weak market position in various product segments; profitability thatCAN66581565656945201020 452010 4520 45Nortel Networks Ltd.101700CANUSA83739ZFULLGLOBISSSTRUCCORPABSCMBSCapitalHighTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/614835spcred/614835normThe latest Summary from S&P11/22/2007 10:31:28 AMSummary175globalstructured614835CanadaCommunications EquipmentCanadaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCommercial MBSCapital GoodsHigh TechnologyTelecommunications & CableSummaryThe ratings on Toronto-based telecommunications equipment provider Nortel Networks Ltd., which are based on the consolidation with parent Nortel Networks Corp. (collectively Nortel), are constrained by a highly competitive telecom equipment industry, notably in the context of continuing carrier customer consolidation; weak market position in various product segments; profitability that lags that of its peers; negative, albeit improving, free cash flow generation; and weak credit metrics. These factors are partially mitigated by the company's broad portfolio of wireline and wireless products and services; reasonable-scale; geographically diversified operations; healthy customer relations; adequate liquidity; and early indications of a trend towards improved profitability. Nortel is one of the largest suppliers of equipment and related services to the global telecommunications and networking industryCAN66581565656945201020 452010 4520 45Nortel Networks Ltd.101700CANUSA83739ZSUMMARYGLOBISSSTRUCCORPABSCMBSCapitalHighTelecommunicationsCredit & Investment ResearchS&P Credit Research