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Moody's may downgrade Cable Design
Moody's Investors Service said it placed Cable Design Technologies Corp.'s debt ratings under review for possible downgrade, including the company's Ba2 senior implied and senior unsecured issuer rating and Ba3 rated $110 million 4% convertible subordinated debentures due 2023.
Moody's said the review was precipitated by the company's recent announcement that it and Belden Inc. had entered into a definitive agreement and plan of merger.
This action reflects Moody's concerns regarding additional risk to holders of Cable Design's rated debt resulting from the increased exposure to more commoditized end markets; additional financial leverage resulting from this merger combination; and challenges of integrating the Belden model into Cable Design's core business and underlying strategies.
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