Moody’s May Cut Corning’s Debt Ratings
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.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
