Moody's drops General Cable to SGL-2, negative

Moody's Investors Service said it affirmed General Cable Corp.'s Ba3 corporate family rating and Ba3-PD probability default rating.

In a related action, the agency lowered the company's speculative grade liquidity rating to SGL-2 from SGL-1 and changed the rating outlook to negative from stable.

Moody's said these actions result from its view that the company's operating performance is below expectations, resulting in lower levels of free cash flow and key debt credit metrics that are very weak relative to the current ratings.

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