Cable & Wireless Communications Limited Subsidiary's New $400 Million Senior Secured Notes Rated 'BB-'

MEXICO CITY (S&P Global Ratings) April 2, 2019--S&P Global Ratings assigned 
today its 'BB-' issue-level rating on Sable International Finance Ltd.'s new 
$400 million secured notes due 2027. Sable International Finance is a 
subsidiary of Cable & Wireless Communications Limited (CWC; BB-/Stable/B).

We view the transaction to be debt neutral because CWC will use proceeds to 
repay $235 million of the existing $1.875 billion term loan B-4 due 2026 at 
Coral-US Co-Borrower LLC, the $150 million principal amount of its $360 
million at Sable International Finance's notes due 2022, and pay any fees in 
connection with the new notes. The new notes will also have several incurrence 
covenants in line with those of CWC's current notes: net senior proportionated 
debt incurrence ratio of maximum of 4.0x and net proportionated debt ratio 
maximum of 5.0x.

Our ratings on CWC reflect its leading position as a wireline and wireless 
telecommunications and cable TV provider in most of the markets in which it 
operates; solid profitability; wide geographic, product, and customer 
diversification; intense competitive pressures; and overall relatively high 
country risk. The stable outlook on CWC reflects our expectations that its 
performance has recovered from damage following Hurricanes Irma and Maria in 
2017. The company bolstered its EBITDA despite the stiff competition it 
continues to face in some markets. We expect CWC's adjusted debt to EBITDA 
ratio to remain closer to 4.0x and funds from operations to debt of 20%.
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