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NEW YORK-Standard & Poor’s Ratings Services lowered its corporate credit and senior unsecured debt ratings on Comverse Technology Inc. from a BB to a BB-minus.
At the same time, the S&P removed the ratings from CreditWatch. S&P said its moves reflect deteriorating profitability, especially in the network services business segment, brought on by reductions in telecom carrier capital spending. “Failure to restore profitability could result in further lowering of the rating,” warned S&P’s credit analyst Joshua Davis.
