S&P: International Wire notes B

Standard & Poor's said it affirmed its B+ corporate credit rating on International Wire Group Holdings Inc. The outlook is stable.

At the same time, the agency said it assigned its B issue-level rating to the proposed $250 million senior secured notes of subsidiary International Wire Group Inc. The recovery rating on the notes is 5, indicating expectation for modest recovery in the event of payment default.

"The rating affirmation follows International Wire Group Holdings' announcement that it intends to issue $250 million new senior secured notes due 2017," said S&P credit analyst Megan Johnston in a news release.

"Despite higher pro forma debt balances, as book debt will increase to about $285 million by year-end 2012, we believe credit metrics will remain in line with the current rating."

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