S&P gives Global Crossing B-

Standard & Poor's said it assigned a B- corporate credit rating to Global Crossing Ltd.

In addition, the agency said it assigned a CCC+ issue-level rating and a five recovery rating to Global Crossing's $350 million term loan due 2012.

The outlook is stable.

"The ratings on Global Crossing reflect the company's vulnerable position in the highly competitive long-haul telecommunications industry that is dominated by large, well-capitalized competitors," said S&P credit analyst Naveen Sarma, "along with poor industry dynamics, including oversupply and continued price compression despite increased demand for bandwidth due to increased broadband communications services and internet content."

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