Moody's cuts General Cable notes, convertibles

Moody's Investors Service said it downgraded General Cable Corp.'s corporate family rating to B1 from Ba3, probability of default rating to B1-PD from Ba3-PD, its senior unsecured notes to B2 (LGD5, 75%) from B1 (LGD5, 75%) and the senior subordinated convertible notes to B3 (LGD6, 93%) from B2 (LGD6, 93%).

These actions result from General Cable's recent announcement that it received bank lender approval to extend and amend the waiver related to any default arising from the failure of General Cable to comply with its reporting requirements. The filing of its financial statements with the SEC is taking longer than Moody's previously anticipated - a scenario the agency previously identified that could result in ratings pressures.

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