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S&P lifts General Cable notes
S&P said it affirmed its B corporate credit rating on General Cable Corp. and raised the issue-level rating on its 5¾% senior unsecured notes to B from B-. The recovery rating is 4, indicating an expectation of average (30%-50%; rounded estimate: 40%) recovery in the event of a default.
The agency also affirmed the CCC+ issue-level rating on the company's 2029 subordinated notes. The recovery rating is 6, indicating an expectation of negligible (0%-10%; rounded estimate: 0%) recovery in the event of a default.
The outlook is stable.
S&P said the affirmation reflects a view that although General Cable continues to turn around its business, by divesting non-core assets and concentrating on its American (North America and Latin America) and European operations, the benefits in terms of higher EBITDA margins and lower leverage are still to be realized.
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