Duff & Phelps Credit Rating Co. (DCR) of the United States has given a “D-1” rating to Corning Incorporated“s 3(a)(3) and 4(2) commercial paper. These programmes have a maximum borrowing limit of US$…
Duff & Phelps Credit Rating Co. (DCR) of the United States has given a “D-1” rating to Corning Incorporated“s 3(a)(3) and 4(2) commercial paper. These programmes have a maximum borrowing limit of US$ 575 million and are backed 100% by bank credit facilities. Corning“s senior unsecured debt is currently rated “A+”, and its convertible preferred stock and Monthly Income Preferred Securities are rated “A”. DCR reaffirmed Corning“s long-term ratings in December 1996. Corning had approximately US$ 1.7 billion of total debt outstanding at 30 September 1996. With 1995 revenues of US$ 3.3 billion, Corning has strong positions in communications (fibre optics and information display products), 52% of 1995 sales, and specialty materials (ceramic and glass products), 27% of 1995 sales. Corning is the world“s largest manufacturer of optical fibre, a market which is expected to grow at above-average rates for the foreseeable future. The remaining 21% of sales come from Consumer Products.