S&P lowers Belden

Standard & Poor's said it lowered its corporate credit rating on Belden Inc. to BB- from BB.

This rating, along with all related issue-level ratings on Belden, was removed from Creditwatch, where the agency said it placed them with negative implications on March 2.

The outlook is stable.

At the same time, the agency said it assigned the company's $200 million of senior subordinated notes due 2019 its issue-level rating of B+, one notch lower than the BB- corporate credit rating on the company, with a recovery rating of 5.

Belden plans to use proceeds from the notes to repay $200 million of borrowings outstanding under the company's bank credit facility, S&P said.

In addition, the agency said it lowered its issue-level rating on Belden's senior secured credit facility to BB+ from BBB- while the recovery rating remains at 1.

Finally, the agency said it revised its recovery rating on Belden's existing 7% senior subordinated notes due 2017 to five from 6, since the amount of potential secured debt in the capital structure will be reduced following the downsizing of Belden's senior secured credit facility to $250 million from $350 million, in conjunction with the completion of the fourth amendment to the credit facility.

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