Research Update: Liberty Global And Related Entities Outlook Revised To Positive; 'B' Ratings Affirmed Mar 07

Standard & Poors, March 2007

Abstract
On March 29, 2007, Standard & Poor's Ratings Services revised its outlook on international cable TV and broadband provider Liberty Global Inc. (LGI) to positive from stable, following the publication of full-year results and the proposed increase and lengthened maturity of the group's main bank facilities at subsidiary UPC Broadband Holding B.V. (B/Positive/--). The ratings on LGI and its related entities, including the 'B' long-term corporate credit rating on LGI, were affirmed. At the same time, Standard & Poor's assigned its 'B' senior secured bank loan rating to the new L, M, and N tranches issued by UPC Broadband Holding and UPC Financing Partnership (not rated). A recovery rating of '3' was also assigned, reflecting expectations of meaningful (50%-80%) recovery...

Companies mentioned in this report are: Liberty Global Inc.,UPC Broadband Holding B.V.,Cablecom Luxembourg SCA,UPC Holding B.V.,VTR GlobalCom S.A.
Action: Affirmed
Action: New Rating
Action: Outlook: Positive

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Liberty Global Inc.,UPC Broadband Holding B.V.,Cablecom Luxembourg SCA,UPC Holding B.V.,VTR GlobalCom S.A.

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