S&P Downgrades NT

S&P analyst Ari Bensinger has downgraded Nortel to a “sell” from to a “hold” amid concerns about “heightened competition and carrier consolidation hampering marketing growth opportunities”. Bensinger expects Nortel’s sales grow by just 3% in 2007. Commenting on the departure of CFO Peter Currie, Bensinger said the company needs to “better stabilize its management group, especialy as it is looking to improve profitability through cost-cutting and non-core asset disposals”.

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