S&P lowers Cable Design ratings

Standard & Poor's said it lowered to BB- from BB its corporate credit rating on Cable Design Technologies Corp. (to be renamed Belden CDT Inc. following the completion of the proposed merger with St. Louis, Mo.-based Belden Inc.), and lowered its subordinated debt rating on $110 million of convertible notes of Cable Design Technologies to B from B+.

At the same time, S&P removed its ratings on Cable Design Technologies from CreditWatch, where they were placed on Feb. 5 after announcement of the merger.

The outlook is stable.

S&P said the ratings on Belden CDT reflect the company's participation in highly competitive, cyclical and low-return wire and cable markets, partially offset by solid positions in segments of the relatively more value-added specialty electronic wire segments, greater scale and broader market presence following the merger and a moderate financial profile for the rating.

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