UPC Broadband Holding ?4.17 Billion Loan 'B' Debt And '3' Recovery Ratings Affirmed Feb 06

Standard & Poors, February 2006

Abstract
LONDON (Standard & Poor's) Feb. 24, 2006--Standard & Poor's Ratings Services said today it affirmed its 'B' long-term debt rating and '3' recovery rating on the -4.17 billion equivalent senior secured loan issued by UPC Broadband Holding B.V. (UPC; B/Stable/--), the pan-European cable business. At the same time, Standard & Poor's affirmed its 'CCC+' long-term debt rating on the -800 million of senior notes issued by related entity UPC Holding B.V., two notches below the corporate credit rating on UPC, and assigned a '5' recovery rating to the debt. "The '3' recovery rating on the senior secured loan indicates our expectation of meaningful recovery of principal, of 50% to 80%, for lenders in the event of a payment default," said...

Companies mentioned in this report are: UPC Broadband Holding B.V.,Cablecom Holdings AG,UPC Holding B.V.,Liberty Global Inc.
Action: Affirmed
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 Broadband Holding B.V.,Cablecom Holdings AG,UPC Holding B.V.,Liberty Global Inc.

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