Fitch: Cable & Wireless view to negative

Fitch Ratings said it affirmed Cable & Wireless Communications Ltd.’s long-term foreign currency and local currency issuer default ratings at BB-.

The outlook was revised to negative from stable.

The agency also affirmed all of the existing issue ratings at Cable & Wireless’ various subsidiaries.

Fitch said the ratings reflect Cable & Wireless’ leading market positions across well-diversified operating geographies and service offerings, underpinned by solid network competitiveness. The company’s market positions were further strengthened by its acquisition of Columbus International Inc. in 2015.

The ratings are tempered by Cable & Wireless’ high leverage for the rating level, cash flow leakage to non-controlling shareholders for some of its key operations, and pressured growth in its main mobile and fixed-voice segments due to unfavorable industry trends, Fitch explained.

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