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S&P raises corporate credit rating on Ciena to 'B+'
Standard & Poor's (NYSE:MHP) Ratings Services on Monday raised its corporate credit rating on Ciena (NASDAQ:CIEN) Corp. to 'B+' from 'B,' and revised its ratings outlook to stable from positive.
'The action reflects the company's continued revenue growth and improving profitability, as well as its lower, but still substantial, leverage following the redemption of a debt issue in February 2008,' said S&P credit analyst Bruce Hyman in a statement.
Shares of Linthicum, Md.-based Ciena, which supplies equipment used in fiber-optic based communications networks, rose 5.9% to $31.79.