S&P rates International Wire notes CCC+

Standard & Poor's said that it assigned a B corporate credit rating to International Wire Group Holdings Inc., parent company of International Wire Group Inc.

The outlook is positive.

S&P also assigned a CCC+ issue-level rating and a 6 recovery rating to International Wire Group Holdings' proposed $100 million of senior payment-in-kind toggle notes due 2015. The 6 recovery rating reflects the expectation of negligible (0%-10%) recovery in the event of a payment default, given the structural subordination of the proposed notes to International Wire Group's existing senior secured revolving credit facility and secured notes.

S&P affirmed the existing ratings on operating company International Wire Group, including the B corporate credit rating with positive outlook.

The holding company will use proceeds from the proposed note issuance to pay a $100 million special dividend to shareholders.

The ratings reflect the company's vulnerable business risk and aggressive financial risk profile, the agency added.

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