S&P affirms General Cable

Standard & Poor’s said it affirmed its BB- corporate credit rating and various issue-level ratings on General Cable Corp. and removed the ratings from CreditWatch, where S&P had placed them with negative implications on Oct. 8.

The outlook is negative.

S&P said the rating action reflects the company’s success in amending its ABL revolving credit facility so that it is able to exclude the repayment of the senior floating-rate notes due 2015 and certain other debt payments from its calculation of fixed charges.

The company was also successful in selling the stock it owned in an indirect subsidiary in the Philippines for $67 million in cash, proceeds of which were used to repay borrowings under the ABL facility.

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