Fitch upgrades 3 Corning ratings |
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Fri, 29 Jun 2007 21:00
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CHICAGO (AP) - Fitch Ratings said Friday it upgraded three ratings for glass and specialty materials company Corning Inc., citing the company's healthy fiscal prospects and ongoing demand for its liquid crystal display glass.The ratings service upgraded Corning's issuer default, senior unsecured debt and senior unsecured credit facility ratings to 'BBB+' from 'BBB.'The upgrades follow Fitch's expectations that Corning's strong operating performance and demand for its LCD glass will continue and that the company will see higher and more consistent free cash flow.Fitch said Corning has a healthy liquidity position, fairly conservative financial policies and strong leadership positions in the LCD glass and telecommunications markets. The ratings service added it has a solid manufacturing footprint and intellectual property portfolio, which make it harder for others to get into its markets.Fitch also said its rating outlook for the Corning, N.Y.-based company is 'Stable.'The change affects about $2.6 billion in debt, including the company's undrawn $1.13 billion revolving credit facility.Corning shares lost 9 cents to $25.61 in afternoon trading.--------------------Questions or comments about this story should be directed to the Financial News desk of The Associated Press at 212-621-7190.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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