Fitch rates Cable & Wireless BB-

Fitch Ratings said it assigned Cable & Wireless Communications Ltd. long-term foreign currency and local currency issuer default ratings of BB- with a stable outlook.

The agency also assigned a B+/RR5 rating to Cable & Wireless International Finance BV’s senior unsecured notes, BB-RR4 ratings to Sable International Finance Ltd.’s senior secured revolver, term loans and senior unsecured notes, and a BB-/RR4 rating to Columbus International Inc.’s senior unsecured notes.

Fitch said the ratings reflect Cable & Wireless’ diversified services and operating geographies, leading market positions and solid network competitiveness backed by high investment level. The company’s market positions were further strengthened by its acquisition of Columbus International Inc. in 2015.

The ratings are tempered by Cable & Wireless’ high leverage for the rating level, cash-flow leakage to non-controlling shareholders for some of its key operations and pressured growth in its main mobile and fixed-voice segments due to the mature industry trend, the agency added.

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