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Moody's May Cut Corning's Debt Ratings

April 04, 2002|Bloomberg News

Corning Inc.'s long-term and short-term debt ratings may be cut by Moody's Investors Service on concern that its telecommunications businesses may not recover until well into next year.

The New York-based company, the largest maker of glass fiber used in telecommunications networks, has a long-term rating of Baa1. The action affects about $5billion in debt securities. Moody's review will examine when Corning can return to profitability and whether its restructuring is sufficient.

Corning shares fell 31 cents to $7.06 on the NYSE.

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