Moody's affirms General Cable

Moody's Investors Service said it affirmed the Ba3 corporate family rating of General Cable Corp. and assigned an SGL-1 speculative-grade liquidity rating.

The outlook remains stable.

The agency recently commenced an exchange offer for its outstanding 1% senior convertible notes due 2012, the agency said, adding that the company is offering to exchange $925 principal amount of new subordinated convertible notes due 2029 for each $1,000 principal amount of 2012 notes.

If the exchange offer closes based on the aforementioned terms, Moody's said it expects to raise the ratings on the senior unsecured notes of GCC to Ba3 from B1 in accordance with Moody's loss given default rating methodology and the Ba3 corporate family rating benefits from the company's leading market positions in the highly cyclical wire and cable industry, favorable longer term demand trends, broad geographic diversity and very good liquidity.

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