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Technology Stocks : Corning Incorporated (GLW) -- Ignore unavailable to you. Want to Upgrade?

To: AV8R who wrote (1524)	11/6/2001 1:10:05 PM
From: Proud_Infidel	Respond to of 2260

S&P cuts Corning long-term ratings, outlook lowered NEW YORK, Nov 6 (Reuters) - Standard & Poor's Corp. slashed the long-term credit ratings of Corning Inc. (NYSE:GLW - news), the No. 1 manufacturer of fiber-optic cable, by two notches on Tuesday, while affirming the company's short-term debt. S&P cut Corning's senior unsecured debt and corporate credit ratings to ``BBB'' from ``A-minus,'' citing a rapid deterioration in global business conditions in all of the company's major sectors. S&P also cut Corning's subordinated debt rating to ``BBB-minus'' from ``BBB-plus;'' however, it affirmed the company's ``A2'' short debt, which includes the its commercial paper and short-term corporate credit rating. Corning's outlook was revised to ``negative'' from ``stable'' based on S&P's view that while a modest recovery in telecommunications demand is likely in the second half of 2002, with more growth in 2003, any delay in the recovery could result in a ratings downgrade. Corning shares were down 7 cents at $8.25 in early Tuesday afternoon trading on the New York Stock Exchange.