S&P rates General Cable convertibles B

Standard & Poor's said it assigned B issue-level and 6 recovery ratings to General Cable Corp.'s $429.5 million of subordinated convertible notes due 2029 and affirmed the company's BB- corporate credit rating.

The outlook is stable.

The company is issuing the new convertibles in an exchange offer for its 1% senior convertible notes due 2012.

The agency said ratings on General Cable reflect the company's challenging operating environment, characterized by weak demand and cautious capital spending by key customers, as well as volatile raw material pricing.

The company's leading position in a number of important geographies around the world, moderate financial profile and solid liquidity partially offset those factors, S&P said.

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