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Liberty Global And Unitymedia 'B+' Ratings Affirmed; Outlook To Stable From Positive On KBW Deal And Financial Policy Mar 11 Product Image

Liberty Global And Unitymedia 'B+' Ratings Affirmed; Outlook To Stable From Positive On KBW Deal And Financial Policy Mar 11

  • Published: March 2011
  • Region: Global
  • Standard & Poors

FEATURED COMPANIES

  • Liberty Global PLC
  • UnitedGlobalCom Inc.
  • UPC Financing Partnership
  • UPC Holding B.V.
  • UPCB Finance II Ltd.
  • UPCB Finance III Ltd.
  • MORE

Abstract
U.S.-listed international cable company Liberty Global Inc. (LGI) has entered into a purchase agreement to acquire German cable TV operator KBW for approximately €3.2 billion. We view the acquisition as highly leveraged and consider LGI's overall financial policy as very aggressive. We are affirming our 'B+' corporate credit rating on both LGI and its indirect subsidiary Unitymedia. We are revising the outlook on LGI and Unitymedia to stable from positive. The stable outlook reflects our view that LGI is likely to increase its free operating cash flow and maintain adequate liquidity over the next 12 months, while remaining highly leveraged after its KBW acquisition and owing to ongoing large shareholder returns. PARIS (Standard & Poor's) March 24, 2011--Standard & Poor's...

Companies mentioned in this report are:
- Liberty Global PLC
- UnitedGlobalCom Inc.
- Liberty Global Europe Inc.
- UPC Broadband Holding B.V.
- UPC Financing Partnership
- UPC Holding B.V.
- UPCB Finance II Ltd.
- UPCB Finance III Ltd.

Action: Affirmed
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth READ MORE >

- Liberty Global PLC
- UnitedGlobalCom Inc.
- Liberty Global Europe Inc.
- UPC Broadband Holding B.V.
- UPC Financing Partnership
- UPC Holding B.V.
- UPCB Finance II Ltd.
- UPCB Finance III Ltd.

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