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To: bigbuk who wrote (50392)	6/18/2001 4:16:04 PM
From: Rocket Red	Respond to of 62348

NT BURN RATE 2 BILLION PER Q Nortel Networks Corp NT Shares issued 3,099,655,476 2001-06-15 close $15.17 Monday Jun 18 2001 Rating Review Mr. Paul Holman of Dominion Bond Rating Service reports Rating: R-1 (low) Trend: Stable Rating action: Confirmed Debt rated: Commercial paper Nortel Networks Ltd.'s (Nortel) commercial paper rating is confirmed at R-1 (low), with a stable trend. Nortel Networks Ltd. is a subsidiary of Nortel Networks Corp. The confirmation of the rating reflects the fact that Nortel maintains financial flexibility, including cash-on-hand and access to short-term money markets fully backstopped with a $2.5-billion (U.S.) credit facility. The company also has access to a new $2-billion (U.S.) credit facility. However, the company's current negative cash "burn" rate of nearly $2-billion (U.S.) per quarter needs to decrease substantially over the next few quarters and stabilize, otherwise additional financing may be required in the