S&P assigns GC Impsat, notes B-

Standard & Poor's said it assigned its B- corporate credit rating to GC Impsat Holdings I plc.

The outlook is stable.

The agency said it also assigned a B- rating to the company's proposed $200 million senior notes expected to mature in 2017, adding that proceeds of the issuance and additional funding from Global Crossing Ltd. will fund the merger of GC Crystal Acquisition Inc., a Delaware corporation that will be a GC Impsat wholly-owned indirect subsidiary, with and into Impsat Fiber Networks Inc.

As of the consummation of the merger, the notes will be guaranteed on a senior unsecured basis by all GC Impsat existing subsidiaries other than Impsat SA, until the latter repays existing obligations, the agency said.

S&P added that the ratings on GC Impsat mirror our views on Impsat's credit quality and the potential fit of those assets within GCL's strategy.

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