• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Electrical Engineering News and Products

Electronics Engineering Resources, Articles, Forums, Tear Down Videos and Technical Electronics How-To's

  • Products / Components
    • Analog ICs
    • Connectors
    • Microcontrollers
    • Power Electronics
    • Sensors
    • Test and Measurement
    • Wire / Cable
  • Applications
    • Automotive/Transportation
    • Industrial
    • IoT
    • Medical
    • Telecommunications
    • Wearables
    • Wireless
  • Resources
    • DesignFast
    • Digital Issues
    • Engineering Week
    • Oscilloscope Product Finder
    • Podcasts
    • Webinars / Digital Events
    • White Papers
    • Women in Engineering
  • Videos
    • Teschler’s Teardown Videos
    • EE Videos and Interviews
  • Learning Center
    • EE Classrooms
    • Design Guides
      • WiFi & the IOT Design Guide
      • Microcontrollers Design Guide
      • State of the Art Inductors Design Guide
    • FAQs
    • Ebooks / Tech Tips
  • EE Forums
    • EDABoard.com
    • Electro-Tech-Online.com
  • 5G

Qwest looks to reassure investors after rating gets "junked"(2)

May 22, 2002 By Susan Rush

Ratings firm Standard & Poor ‘s took action against Qwest Communications International Inc. yesterday, downgrading its corporate credit rating to “junk” status. The communications company contends the action will have no affect.
S&P cut Qwest’s corporate credit rating BBB- to BB+ — or junk status. The downgrade was fueled by “continued weakness in the overall economy and ongoing competitive threats are expected to pressure both the near-term and longer-term financial and operating performance of Qwest,” S&P analyst Catherine Cosentino said in a research note.
Qwest quickly fired back saying the downgrade was not based on any new information and says it expects to be cash flow positive by the end of the second quarter. The company contends it is funded to make quarterly payments on its $26.2 billion in debt until May 2003.
During a conference call this morning Qwest’s Chief Executive Joseph Nacchio said the company has received multiple bids for its yellow-pages business and may sell other non-core assets to raise as much as $10 billion. The yellow-pages unit alone is expected to bring in at least $8 billion. Part of S&P’s decision to downgrade the rating, however, stemmed from its belief that the yellow page business may not sell.
Qwest is not the first communications provider to be downgraded to junk by S&P this month; WorldCom was downgraded on May 10.
Qwest shares dipped 29 cents, or nearly 6 percent, to $4.74 as of 10:32 a.m. EDT. The shares are trading well off their 52-week high of $38.75. The company’s first-quarter net loss ballooned from $46 million, or 3 cents a share in Q1 2001 to $698 million, or 42 cents a share. The loss reflects a write-down of $462 million for the company’s equity investment in KPNQwest, and $74 million in restructuring charges.
Separately, KPNQwest announced today that its five-member supervisory board has resigned. The European fiber-optic network owner also warned that it may seek bankruptcy protection if an agreement with its senior bank group cannot be met.

DesignFast Banner version: 03ec6bf9

Filed Under: Uncategorized

Primary Sidebar

EE Training Center Classrooms

EE Classrooms

Featured Resources

  • EE World Online Learning Center
  • CUI Devices – CUI Insights Blog
  • EE Classroom: Power Delivery
  • EE Classroom: Building Automation
  • EE Classroom: Aerospace & Defense
  • EE Classroom: Grid Infrastructure
Search Millions of Parts from Thousands of Suppliers.

Search Now!
design fast globle

R&D World Podcasts

R&D 100 Episode 7
See More >

Current Digital Issue

Our second 5G Handbook is now available

Featuring 15 articles, the 2022 5G Handbook looks at private networks, timing, connectivity, latency, mmWaves, test, and other topics.

Digital Edition Back Issues

Sponsored Content

Positioning in 5G NR – A look at the technology and related test aspects

Radar, NFC, UV Sensors, and Weather Kits are Some of the New RAKwireless Products for IoT

5G Connectors: Enabling the global 5G vision

Control EMI with I-PEX ZenShield™ Connectors

Speed-up time-to-tapeout with the Aprisa digital place-and-route system and Solido Characterization Suite

Siemens Analogue IC Design Simulation Flow

More Sponsored Content >>

RSS Current EDABoard.com discussions

  • How do you find the angle made by two isosceles triangles in a kite?
  • Thermal pad construction on pcb
  • FPGA LVDS with separate clock
  • Help understanding 915MHz transciever pcb layout
  • Ansys Electronic Desktop (HFSS) file opening failed????

RSS Current Electro-Tech-Online.com Discussions

  • Flickering (candle) LED to trigger 555
  • Identify a circuit.
  • Microcontrollable adjustable and switchable constant current source for driving LED's
  • Useful Handbook for Making Low Level Measurements
  • CRYPTOOOOO, but wait i am no terrorist

Oscilloscopes Product Finder

Footer

EE World Online

EE WORLD ONLINE NETWORK

  • 5G Technology World
  • Analog IC Tips
  • Battery Power Tips
  • Connector Tips
  • DesignFast
  • EDABoard Forums
  • Electro-Tech-Online Forums
  • Engineer's Garage
  • Microcontroller Tips
  • Power Electronic Tips
  • Sensor Tips
  • Test and Measurement Tips
  • Wire & Cable Tips

EE WORLD ONLINE

  • Subscribe to our newsletter
  • Lee's teardown videos
  • Advertise with us
  • Contact us
  • About Us
Follow us on TwitterAdd us on FacebookConnect with us on LinkedIn Follow us on YouTube Add us on Instagram

Copyright © 2022 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Privacy Policy