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Peer Comparison: Three European Cable Operators Dec 05
Standard & Poors, Dec 2005
Abstract
The year 2005 has been another active one for European cable. There have been ownership changes in nearly all of the countries with rated cable operators, and further developments in business models--either toward a triple play or the potential addition of other services to the core cable business. Germany-based Kabel Deutschland GmbH (KDG; B+/Stable/--), Belgium-based Telenet Communications N.V. (B+/Stable/--), and U.K.-based Telewest Communications Networks Ltd. (BB-/Watch Neg/--; soon to be merged with NTL Inc. {B+/Watch Dev/--}) represent a good cross-section of Europe's cable industry, and, although they have similar ratings, each player operates its own business model and carries a different level of leverage. The remaining rated cable entities in the region-- Cablecom Holdings AG (B/Stable/--), Cableuropa S.A.U. (B/Stable/--), Kabel...
Companies mentioned in this report are: British Telecommunications PLC,Belgacom S.A.,British Sky Broadcasting Group PLC,UnitedGlobalCom Inc.,Virgin Media Holdings Inc.,Cableuropa S.A.U.,Telewest Communications Networks Ltd.,Telenet Communications N.V.,Cablecom Holdings AG,Tele Columbus GmbH & Co. KG,Kabel Deutschland Vertrieb und Service GmbH,Kabel BW GmbH,Unitymedia Management GmbH
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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