S&P downgrades Airvana

Standard & Poor's said it lowered the corporate credit and issue ratings on Airvana Network Solutions Inc. to CCC from B+.

The agency also said it placed the ratings on CreditWatch with developing implications.

The ratings reflect Airvana's dependence on Ericsson AB for essentially 100% of its revenues, S&P said.

Airvana recently filed a lawsuit against Ericsson in the Supreme Court of the State of New York in which it claims that Ericsson misappropriated critical intellectual property, the agency said.

The downgrade also considers Airvana's potential loss of revenues from its sole customer, S&P said.

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