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S&P ups Cable & Wireless outlook to stable
Standard & Poor's said it revised its outlook on Cable & Wireless plc to stable from negative, reflecting lower negative cash flow.
At the same time, the agency said that the ratings on C&W, including the BB- long-term and B short-term corporate credit ratings, were affirmed.
The ratings are constrained by the still very competitive corporate telecoms landscape in the United Kingdom, with strong competition from the well-established and bigger BT Group plc (BBB+/stable/A-2), S&P said.
The agency added that the ratings are supported by the group's sound liquidity position of £1.048 billion at March 31, which was sufficient to cover outstanding debt of £716 million at the same date.
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