Summary: Liberty Global Inc. May 11

Standard & Poors, May 2011

Abstract
The ratings on international cable TV (CATV) and broadband services provider Liberty Global Inc. (LGI) are constrained by Standard & Poor's Ratings Services' view of the group's very aggressive financial policy, which includes ongoing acquisitions and sizable share buybacks, and still modest free cash flow generation. Rating supports, however, are LGI's well-diversified asset portfolio, which has some utility-like characteristics in the CATV business; prospects of sustained revenue and EBITDA growth; and proactive liquidity management using long-dated debt maturities. We view LGI's business risk profile as being in investment-grade territory (satisfactory). We base our view on the group's resilient operating performance during the recent economic downturn and on our anticipation of sustained moderate growth in revenues and operating cash flow over...

Companies mentioned in this report are: Liberty Global Inc.
Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Liberty Global Inc.

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