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S&P downgrades General Cable
S&P said it lowered the corporate credit rating on General Cable Corp. to B from B+.
The agency also said it lowered the rating on the company's senior unsecured notes to B- from B.
The 5 recovery rating is unchanged, indicating 10% to 30% expected default recovery.
S&P also said it lowered the rating on the company's subordinated debt to CCC+ from B-. The 6 recovery rating is unchanged, indicating 0 to 10% expected default recovery.
The outlook is stable.
The downgrades reflect a belief that General Cable's credit measures will remain more in line with a highly leveraged financial risk profile for at least the next 12 months due to lower metals prices in 2016, the agency said.
S&P said it expects General Cable's leverage to remain at slightly more than 6x for the rest of 2016 before decreasing to slightly more than 5.5x in 2017, which is more aligned with a highly leveraged financial risk profile and a B corporate credit rating.
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