S&P gives B+ to General Cable notes

Standard & Poor’s said it affirmed its BB- corporate credit rating on General Cable Corp. and assigned a B+ issue-level rating to the company’s proposed $250 million senior unsecured notes.

The B+ issue-level rating and 5 recovery rating reflects an expectation for modest recovery (10% to 30%) for lenders in the event of a payment default and the structurally subordinate position of the $250 million senior unsecured notes in the capital structure.

“We affirmed the rating based on our assessment of the company’s solid market position and expectation that debt leverage will decline to less than 5x in 2015, from our forecast that adjusted debt to EBITDA will be about 5.5x at year-end 2014,” said S&P credit analyst Amanda Buckland in a news release.

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