Corning debt upgraded

Corning Inc., which makes fiber-optic cable and glass substrates for flat panel displays, had its senior unsecured long term debt rating upgraded by Moody“s Investors Service on 17 July 2006.
The ra…

Corning Inc., which makes fiber-optic cable and glass substrates for flat panel displays, had its senior unsecured long term debt rating upgraded by Moody“s Investors Service on 17 July 2006. The ratings agency raised Corning“s debt rating to “Baa2” from “Baa3” because it expects the company“s LCD and diesel substrate businesses to grow, which, together with improving profitability in telecommunications, will result in continued strong financial performance. About USD 1.6 billion in outstanding debt securities are affected. Moody“s outlook on the company is stable.