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Moody's rates Coleman Cable notes B3
Moody's Investors Service said it assigned a B3 rating (LGD4, 66%) to Coleman Cable, Inc.'s proposed $235 million senior notes due 2018.
Moody's also affirmed the company's B2 corporate family and probability-of-default ratings, and the SGL-2 speculative grade liquidity rating.
The outlook remains stable.
Proceeds will be used to refinance the company's 9 7/8% senior notes due 2012.
The affirmation of the B2 corporate family rating reflects improvements in operating performance, a stabilization of product volumes following the sharp contraction that began at the end of 2008, and an improved debt maturity profile following completion of the proposed refinancing, the agency said.
The rating also considers uncertainty over the potential strength of a recovery in its industrial/retail end-markets, the prospects for continued weakness in its construction end-market, and a continued challenging operating environment due to excess industry capacity, the agency noted.
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