S&P rates General Cable notes B+

Standard & Poor's said it assigned a B+ senior unsecured debt rating to General Cable Corp.'s proposed $400 million offering of senior convertible notes due 2012. S&P also affirmed the BB- corporate credit rating.

The outlook is stable.

Proceeds will be used to help fund the $735 million acquisition of the global wire and cable business of Freeport-McMoRan Copper & Gold Inc., which operates as Phelps Dodge International Corp.

The ratings reflect a cyclical operating profile, driven by fluctuating market demand and volatility in raw material prices, according to S&P.

These factors are offset somewhat by the company's moderate leverage and leading position in a global market for wire and cables, the agency said.

Pro forma for the increased debt levels used to fund the acquisition, the company's debt-to-EBITDA ratio is less than 3.5 times.

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