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S&P ups General Cable view to positive
S&P said it placed its B corporate credit rating on General Cable Corp. on CreditWatch with positive implications.
At the same time, S&P placed its B issue-level rating on General Cable's 5¾% senior unsecured notes and the CCC+ issue-level rating on the company's 2029 subordinated notes on CreditWatch with positive implications.
The CreditWatch placement follows the announcement that the Prysmian Group plans to acquire General Cable.
“If the acquisition is completed as proposed, General Cable will survive as a legal entity, controlled 100% by the Prysmian Group, which we believe has a better credit profile. General Cable's existing debt also will be repaid in full upon the close of the transaction.
“As such, we could raise the ratings on General Cable, depending on the company's strategic importance within the Prysmian Group,” S&P said in a news release.
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