S&P; Cuts Avaya Credit Rating to ‘Junk’ Grade

Avaya Inc.’s corporate credit rating was cut to “junk” status by Standard & Poor’s Corp. on concern that cost-cutting measures won’t help the biggest maker of office telephone equipment overcome weak demand. Standard & Poor’s lowered Avaya’s corporate credit rating to BB-plus from BBB-minus and withdrew ratings on the company’s short-term corporate credit and commercial paper. Avaya shares fell 31 cents to $5.95 on the NYSE.