S&P keeps Cable & Wireless on positive watch, gives bonds BB-

Standard & Poor's said its BB- long-term corporate credit rating on Cable & Wireless plc remains on Creditwatch, where it was placed with positive implications on Nov. 17.

The B short-term corporate credit rating has been affirmed, the agency noted.

In addition, the agency said it assigned a rating of BB- to the proposed $500 million bond to be issued by the company's subsidiary Sable International Finance Ltd.

This rating was also placed on Creditwatch with positive implications, the agency added.

At the same time, the agency said it maintained the existing BB- senior unsecured issue ratings on Creditwatch, where they were placed with negative implications on Nov. 17. The recovery rating on these instruments is unchanged at 3.

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