S&P rates Enterprise Networks, notes B-

Standard & Poor's said it assigned a B- long-term corporate credit rating to Enterprise Networks Holdings BV, along with a B- rating and 4 recovery rating on the proposed €200 million senior secured notes due 2015 to be issued by its wholly owned subsidiary, EN Germany Holdings BV.

The outlook is stable.

The rating is constrained by the company's current cash flow negative status, S&P said.

This is due to the substantial costs associated with a headcount reduction and other

corporate reorganization activities, the agency said.

These factors are offset by the company's position as a leading provider of enterprise communications-related technology and solutions, with leading market shares in Europe and Brazil, S&P said.

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