Moody's rates General Cable notes B1

Moody's Investors Service said it assigned General Cable Corp. a rating of B1 (LGD4, 64%) to the proposed $400 million senior unsecured convertible notes due 2012.

Moody's confirmed all other ratings, including corporate family and probability-of-default ratings of Ba3, concluding a review that began on Sept. 12. Also affirmed are the issuer's $355 million senior unsecured convertible notes due 2013, $125 million senior unsecured floating rate notes due 2015 and $200 million senior unsecured notes due 2017 at B1 (to LGD4, 64% from LGD4, 63%).

The outlook is stable.

Proceeds will be used to acquire the capital stock of Phelps Dodge International Corp. from Freeport-McMoRan Copper & Gold Inc.

According to Moody's, the ratings reflect the company's moderate leverage, good interest coverage, low-cost operations, leading market position and highly diversified end markets and customer base.

The ratings could be upgraded if the company's total debt-to-EBITDA ratio falls below 2.5 times or downgraded if it rises above 3.7 times.

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