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    Tuesday, November 24, 2009

    S&P Downgrades Ciena To 'B,' May Cut Again

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    By Sue Chang
    MarketWatch Pulse
       

      SAN FRANCISCO -- Standard & Poor's Ratings Services on Tuesday lowered Ciena Corp.'s corporate credit rating to B from B+ and kept it on CreditWatch with negative implications, indicating that there could be additional downgrades in the future. The move follows an announcement that Ciena will buy Nortel Networks' metro ethernet business for $769 million. "The rating action reflects our concerns that liquidity will be further depleted with the final bid because of its higher cash and new debt component," said Lucy Patricola, an S&P credit analyst.

      Copyright © 2009 MarketWatch, Inc.

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