S&P lifts Cable & Wireless notes

S&P said it reviewed the ratings on Cable & Wireless Communications Ltd.

The agency also said it placed these ratings under criteria observation (UCO) after it published revised ratings criteria.

With the criteria review complete, S&P said it is upgrading Cable & Wireless International Finance BV's £200 million senior unsecured notes to B+ from B, along with Sable International Finance Ltd.'s $750 million senior unsecured notes to BB- from B and C&W Senior Financing Designated Activity Co.'s $700 million senior notes to BB- from B.

The rating on Sable International Finance's and Coral-US Co-Borrower, LLC's $1.825 billion secured term loan is unchanged.

These actions stem solely from the application of the revised criteria and don't reflect any change in the assessment of the corporate credit ratings for issuers of the affected debt issues, S&P said.

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