Moody’s lowers Nortel’s debt ratings

BRAMPTON, Ontario, Canada—Moody’s Investors Service dropped the ratings on Nortel Networks’ long-term debt securities and preferred shares because of the bleak picture of the industry.
It lowered its rating on senior unsecured debt to Baa-1 from single-A-3, while changing its rating on preferred shares to Baa-3 from Baa-2.