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Cable & Wireless Communications Outlook Revised To Negative On Lower Cash Flow, Higher Leverage; 'BB/B' Ratings Affirmed May 11
Standard & Poors, May 2011
Abstract
Cable & Wireless Communications PLC (C&W) reported lower cash flow after dividends and higher adjusted leverage than we initially forecasted for the financial year ending March 31, 2011. We believe that C&W's performance in the Caribbean could further impair its operating margins. We are therefore revising our outlook on C&W to negative from stable. We are also affirming our 'BB/B' ratings on C&W. The negative outlook reflects the possibility of a downgrade if free cash flow after dividends or liquidity were to deteriorate further or if leverage were to exceed 3.5x on a proportionate Standard & Poor's-adjusted basis. LONDON (Standard & Poor's) May 25, 2011--Standard & Poor's Ratings Services said today that it revised to negative from stable its outlook...
Companies mentioned in this report are: Cable & Wireless Communications PLC
Action: Affirmed
Action: Outlook: Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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