Research Update: Dutch Cable Operator Ziggo Bond Co. B.V. 'B+' Rating Placed On CreditWatch Positive On Announced IPO Plans Mar 12

Standard & Poors, March 2012

Abstract
Dutch cable operator Ziggo Bond Co. B.V. (Ziggo) has announced its intention to launch an IPO. We understand that the company's shareholder loans and accrued interest, which we currently treat as debt, will be converted into common equity as part of the IPO transaction. As a result, the transaction will likely considerably reduce the company's adjusted debt leverage. We are therefore placing our 'B+' long-term rating on Ziggo, and all related issue ratings, on CreditWatch positive. On March 7, 2012, Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit rating on The Netherlands-based leading cable operator Ziggo Bond Co. B.V. (Ziggo) on CreditWatch with positive implications. We also placed our 'BB' issue rating on Ziggo's senior secured notes...

Companies mentioned in this report are: Ziggo Bond Co. B.V.,Ziggo Finance B.V,Amsterdamse Beheer en Consultingmaatschappij B.V.,Torenspits B.V.
Action: On CreditWatch: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.

Ziggo Bond Co. B.V.,Ziggo Finance B.V,Amsterdamse Beheer en Consultingmaatschappij B.V.,Torenspits B.V.

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