CommScope, Andrew ratings ratings affirmed, outlook stable - S&P |
|
|
|
Published
:
Thu, 18 Oct 2007 16:01
|
MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has affirmed its ratings on US-based CommScope Inc, which supplies coaxial cable and other networking infrastructure, and cable maker Andrew Corp, and removed the ratings from the watch list.S&P affirmed its 'BB-' corporate credit and 'B' subordinated debt ratings on the two companies. The outlook is stable.S&P said the ratings on Andrew will be withdrawn following its debt-financed acquisition by CommScope.S&P has rated CommScope's 2.1 bln usd term loan and 400 mln usd revolving credit facility 'BB-'. Proceeds from the term loan will be used to partially fund its 2.6 bln usd acquisition of Andrew.The ratings on CommScope after the acquisition reflect an increase in leverage, a short operating track record at current profitability levels, and integration challenges, S&P said. These factors are offset partially by solid market positions with major telecommunications providers and good cash flow.TFN.newsdesk@thomson.comans/ranCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
|
|
|
|
Print this Story
CommScope corporate family rating cut to 'Ba3' pending Andrew buy - Fitch 