The Netherlands-Based UPC Holding's Proposed ?640 Million Subordinated Notes Rated 'B-'; Recovery Rating '6' Aug 10

Standard & Poors, August 2010

Abstract
LONDON (Standard & Poor's) Aug. 5, 2010--Standard & Poor's Ratings Services said today that it assigned its 'B-' debt rating to the proposed -640 million subordinated notes (proposed notes) to be issued by UPC Holding B.V., the holding company of The Netherlands-based international cable-TV operator and broadband services provider UPC Broadband Holding B.V. (UPC; B+/Positive/--). At the same time, we assigned a recovery rating of '6' to the proposed notes, indicating our expectation of negligible (0%-10%) recovery for creditors in the event of a payment default. We anticipate that the proposed notes will rank pari passu with the existing subordinated bonds at the UPC Holding level. The issue rating on the proposed notes is two notches below our corporate credit...

Companies mentioned in this report are: UPC Holding B.V.,UPC Broadband Holding B.V.
Action: New Rating

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

UPC Holding B.V.,UPC Broadband Holding B.V.

Customers who bought this item also bought

• Stork B.V.: Defense Company Profile and SWOT Report
• Sensata Technologies Holding B.V. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investment Report
• The Netherlands Defense Industry: Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016
• Defense Expenditure in the Netherlands to 2017: Market Review
• Future of the Netherlands' Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2018
• Homeland Security Expenditure in the Netherlands to 2017: Market Review
• Defense Spending in the Netherlands
• Aerospace and Defense Industry - Global Strategic Business Report
• The Netherlands Defense Industry - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2017
• The Netherlands Defense Industry - Defense Procurement Market Dynamics to 2017: Market Profile