S&P rates Nara Cable notes B; Cableuropa loan B

Standard & Poor's said it assigned a B rating to the proposed $400 million senior secured notes due 2018 to be issued by the special purpose vehicle Nara Cable Funding Ltd. on behalf of Cableuropa SAU.

The proposed issuance is an addition to the €700 million and €300 million senior secured notes issued in October 2010 and July 2011, respectively.

The agency said it has not assigned a recovery rating to the proposed or existing notes.

S&P said it understands that Nara Cable Funding will lend the proceeds of the proposed to Cableuropa through a new loan facility.

The proceeds will be used to pay down Cableuropa's existing senior secured debt facilities maturing in 2012 and 2013.

S&P also said it assigned an issue rating of B to the proposed loan facility, in line with the corporate credit rating on Cableuropa.

A recovery rating of 3 also was assigned to the proposed loan facility, reflecting 50% to 70% expected recovery in a default, the agency said.

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