S&P affirms Nexans

Standard & Poor's said it affirmed the BB+ long-term and B short-term corporate credit ratings on Nexans SA, and removed the ratings from CreditWatch where they were placed with negative implications in October.

The outlook is stable.

The ratings reflect Nexans' decision not to submit a final offer for the purchase of all of the outstanding ordinary shares of Dutch cable manufacturer, Draka Holding NV, S&P said.

This removes the risk of its financial profile weakening as a consequence of the significant cash outflow related to the purchase, the agency said.

The stable outlook reflects an opinion that Nexans should be able to manage the effects of the economic downturn over the short term, S&P added.

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