Risk-to-Price Commentary: Virgin Media Finance PLC Sep 10

Standard & Poors, September 2010

Abstract
As long as European economic uncertainty and the potential consequences of needed fiscal austerity measures remain front and center in the minds of many investors, some will feel compelled to maintain overweight exposures to investments offering better risk adjusted returns. From the perspective of Valuation and Risk Strategies Research, these investors will likely prefer corporate fixed income securities that produce higher R2P scores, issued by companies that currently display relatively strong fundamentals and the potential to outperform their peers. Virgin Media Inc. seems to be one of the few bright spots we can identify within the European media subsector. While the subsector's earnings are expected to flatten to a level just greater than zero in 2011, Virgin Media's earnings are...

Companies mentioned in this report are:
- Pearson PLC
- Wolters Kluwer N.V.
- ITV PLC
- Warner Music Group Corp.
- Virgin Media Finance PLC
- Cablecom Luxembourg SCA
- UPC Holding B.V.
- BSkyB Finance U.K. PLC
- Publicis Groupe S.A.
- Pearson Funding One PLC

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.

- Pearson PLC
- Wolters Kluwer N.V.
- ITV PLC
- Warner Music Group Corp.
- Virgin Media Finance PLC
- Cablecom Luxembourg SCA
- UPC Holding B.V.
- BSkyB Finance U.K. PLC
- Publicis Groupe S.A.
- Pearson Funding One PLC

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