S&P cuts Agere rating to ‘junk’
Standard & Poor’s cut Agere Systems credit ratings on Wednesday to “junk” status, saying the Lucent spin-off’s profitability would be “substantially depressed” for the near term.
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S&P’s ratings now join Moody’s in its low investment assessment of Agere and its corporate parent Lucent, which all three major credit rating agencies downgraded to junk status in June.
Agere announced a restructuring plan last week, splitting its microelectronics operations into two divisions--one focusing on network components and the other on consumer products. Lucent still owns 58% of the company but plans to spin off the remainder of it off by early next year.
--Kevin Fitchard, staff writer
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© 2012 Penton Media Inc.
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