LONDON-L.M. Ericsson enjoyed a ratings rebound that it attributes to its three years of restructuring after the telecom meltdown.
Fitch Ratings awarded the vendor an investment-grade rating, which it expects to also improve.
Ericsson fell to the “junk” bracket in 2002, a situation that prompted the wireless supplier to embark on its emergency rights issue.
The company also announced it will close a Swedish plant that makes radio base-station modules, a move that will cut 463 jobs. The company said the move does not affect its efficiency measures. Since 2001 when the economy slackened, Ericsson has cut its work force by more than half from about 107,000.
