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<TITLE>Form 8-K</TITLE>
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<P align="center"><FONT size="2"><B>SECURITIES AND EXCHANGE COMMISSION</B>
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<P align="center"><FONT size="2"><B>Washington, D.C. 20549</B>
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<P align="center"><FONT size="2"><B><U>FORM 8-K</U></B>
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<P align="center"><FONT size="2"><B><U>CURRENT REPORT</U></B>
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<P align="center"><FONT size="2"><B>Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
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<P align="center"><FONT size="2">Date of Report<BR>
(date of earliest event reported)<BR>
April&nbsp;4, 2002
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<P>&nbsp;
<P align="center"><FONT size="3">NORTEL NETWORKS CORPORATION
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<DIV align="center"><FONT size="2">(Exact name of registrant as specified in its charter)</FONT>
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<P>&nbsp;
<P>&nbsp;

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        <TD width="30%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="30%">&nbsp;</TD>
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        <TD align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">CANADA</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="center"><FONT size="2">001-07260</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">not applicable</FONT></TD>
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        <TD align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(State or other jurisdiction</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">(Commission</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">(IRS Employer</FONT></TD>
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        <TD align="center"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">of incorporation)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">File Number)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2">Identification No.)</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
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        <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">8200 Dixie Road, Suite&nbsp;100, Brampton, Ontario, Canada</FONT></DIV></TD>
        <TD align="center"><FONT size="2">L6T 5P6</FONT></TD>
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        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><HR size="1" noshade></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center"><FONT size="2"><HR size="1" noshade></FONT></TD>
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        <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(address of principal executive offices)</FONT></DIV></TD>
        <TD align="center"><FONT size="2">(Zip code)</FONT></TD>
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<P><FONT size="2">Registrant&#146;s telephone number, including area code (905)&nbsp;863-0000.
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<P align="center"><FONT size="2">&nbsp;</FONT>
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<P align="left"><FONT size="2"><B>Item&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Events</B>
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<P><FONT size="2">On April&nbsp;4, 2002, the Registrant issued a press release in response to an
announcement that Moody&#146;s Investors Service, Inc. lowered ratings on securities
issued or guaranteed by it and its principal operating subsidiaries to below
investment grade.
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<P><FONT size="2">A copy of the press release is attached hereto as Exhibit&nbsp;99.1 and is hereby
incorporated in its entirety by reference.
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<P align="left"><FONT size="2"><B>Item&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements, <I>Pro Forma</I> Financial Information and Exhibits</B>
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        <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Exhibits.</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
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        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press Release dated April&nbsp;4, 2002.</FONT></TD>
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<P align="center"><FONT size="2"><B>SIGNATURES</B>
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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        <TD width="50%">&nbsp;</TD>
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        <TD width="45%">&nbsp;</TD>
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      <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2" valign="top"><FONT size="2">NORTEL NETWORKS CORPORATION</FONT></TD>
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<TD><FONT size="2">&nbsp;</FONT></TD>
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<TD><FONT size="2">&nbsp;</FONT></TD>
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      <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">By:</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Deborah J. Noble</FONT></TD>
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      <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2"><HR size="1" noshade></FONT></TD>
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      <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">Deborah J. Noble</FONT></TD>
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      <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">Corporate Secretary</FONT></TD>
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<TD><FONT size="2">&nbsp;</FONT></TD>
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<TD><FONT size="2">&nbsp;</FONT></TD>
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      <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">By:</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Blair F. Morrison</FONT></TD>
</TR>
<TR valign="bottom">
      <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2"><HR size="1" noshade></FONT></TD>
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      <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">Blair F. Morrison</FONT></TD>
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      <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">Assistant Secretary</FONT></TD>
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<P><FONT size="2">Dated:&nbsp;&nbsp;&nbsp;April&nbsp;4, 2002
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<P align="center"><FONT size="2"><U>EXHIBIT INDEX</U>
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        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">99.1</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="93%"><FONT size="2">Press Release dated April&nbsp;4, 2002</FONT></TD>
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{"company-data": {"conformed-name": "NORTEL NETWORKS CORP", "cik": "0000072911", "assigned-sic": "3661", "irs-number": "621262580", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-07260", "film-number": "02602073"}, "business-address": {"street1": "8200 DIXIE ROAD SUITE 100", "street2": "BRAMPTON", "city": "ONTARIO CANADA", "state": "A6", "zip": "L6T 5P6", "phone": "9058631103"}, "mail-address": {"street1": "8200 DIXIE ROAD", "street2": "SUITE 100 BRAMPTON", "city": "ONTARIO CANADA", "state": "A6", "zip": "L6T 5P6"}, "former-company": [{"former-conformed-name": "NORTHERN TELECOM LTD", "date-changed": "19940831"}, {"former-conformed-name": "NORTHERN ELECTRIC CO LTD", "date-changed": "19760324"}]}
Form 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report
(date of earliest event reported)
April 4, 2002
NORTEL NETWORKS CORPORATION
(Exact name of registrant as specified in its charter)
CANADA
001-07260
not applicable
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
8200 Dixie Road, Suite 100, Brampton, Ontario, Canada
L6T 5P6
(address of principal executive offices)
(Zip code)
Registrant's telephone number, including area code (905) 863-0000.
Item 5.     Other Events
On April 4, 2002, the Registrant issued a press release in response to an
announcement that Moody's Investors Service, Inc. lowered ratings on securities
issued or guaranteed by it and its principal operating subsidiaries to below
investment grade.
A copy of the press release is attached hereto as Exhibit 99.1 and is hereby
incorporated in its entirety by reference.
Item 7.     Financial
Statements,
Pro Forma
Financial Information and Exhibits
(c)
Exhibits.
99.1     Press Release dated April 4, 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NORTEL NETWORKS CORPORATION
By:
/s/ Deborah J. Noble
Deborah J. Noble
Corporate Secretary
By:
/s/ Blair F. Morrison
Blair F. Morrison
Assistant Secretary
Dated:   April 4, 2002
EXHIBIT INDEX
99.1
Press Release dated April 4, 2002