S&P cuts General Cable view to negative

Standard & Poor's said it revised its outlook on General Cable Corp. to negative from stable and affirmed the ratings on General Cable, including the BB- corporate credit rating.

"The rating outlook is negative based on our view that liquidity may become constrained due to the company's use of its $1 billion ABL facility for longer-term purposes, including addressing upcoming maturities as well as potential shareholder rewards," said S&P credit analyst Amanda Buckland in a news release. "We expect leverage to remain within our expectations for the aggressive financial risk profile, with debt to EBITDA between 4.5x and 5x, and FFO to debt below 15%."

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