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

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

  • ID: 1885141
  • August 2010
  • Standard & Poors

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.

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