S&P rates Cable & Wireless notes BB-

S&P said it assigned a BB- rating to Sable International Finance Ltd.'s new $400 million secured notes due 2027.

Sable International Finance is a subsidiary of Cable & Wireless Communications Ltd.

The transaction is viewed as debt neutral because Cable & Wireless will use proceeds to repay $235 million of the existing $1.875 billion term loan B-4 due 2026 at Coral-US Co-Borrower LLC and the $150 million principal amount of its $360 million at Sable International Finance's notes due 2022.

The new notes will also have several incurrence covenants in line with those of Cable's current notes, S&P noted.

The ratings reflect the company's leading position as a wireline and wireless telecommunications and cable TV provider in most of the markets in which it operates, along with solid profitability and wide geographic, product and customer diversification, the agency said.

The ratings also consider intense competitive pressures and overall relatively high country risk, S&P said.

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