S&P raises Unitymedia

Standard & Poor's said it raised to B+ from B its long-term corporate credit rating on Unitymedia GmbH, due to a reduction in leverage caused by strong EBITDA growth at its core segment Unitymedia Cable and the turnaround at its subsidiary Sport Rechte & Marketing GmbH.

The outlook is stable.

At the same time, S&P said it raised the rating on the senior secured facilities issued by Unitymedia's main subsidiaries to BB from BB-, keeping the recovery rating of 1 unchanged.

The rating on the subordinated notes issued by Unitymedia itself was raised to B- from CCC+, the agency noted, adding that the rating action primarily reflects its expectation that Unitymedia will continue to post moderate EBITDA growth based on resilient performance of its utility-like CATV business and good growth potential from the uptake of high-speed Internet and telephony services.

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