S&P rates H3C BB-, loan BB

Standard & Poor's said it assigned its BB- corporate credit rating to H3C Holdings Ltd.

The outlook is stable.

At the same time, the agency said it assigned a BB bank loan rating, with a recovery rating of 1, to a $430 million secured credit facility for H3C.

The senior secured credit facility includes a $230 million term loan A due 2010 and a $200 million term loan B due 2012, S&P noted, adding that net proceeds will be used to help fund the acquisition of H3C Technologies Co. Ltd. by 3Com Corp.

The corporate credit rating on H3C reflects the company's low-cost R&D, fast growth in the China market and importance to its parent, 3Com, the agency said.

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