Network Equipment Technologies Inc, Redwood City, California is not growing fast enough for Moody’s Investors Service Inc: the ratings agency lowered the company’s convertible subordinated debentures to B3 from B2, saying that the downgrade reflected the company’s stagnated sales of internetworking products at a time when industry leaders are growing at over 50% annually. The action also reflects the concentration of products in older technologies, its significantly deteriorated debt-protection measurements, continued losses in recent years, and the accelerating competition, Moody’s added.
