Moody's upgrades Unitymedia

Moody's Investors Service said it upgraded the corporate family rating of Unitymedia GmbH to B2 from B3 and affirmed its senior secured €1.35 billion notes at B2.

Also upgraded were the €215 million senior notes to Caa1 from Caa2, €235 million senior notes to Caa1 from Caa2 and $151 million senior notes to Caa1 from Caa2.

The outlook is positive.

The upgrade reflects the strong operating and financial performance of the company's cable business and a substantial reduction in risk of its Pay TV platform arena, Moody's said.

Unitymedia is likely to retain its growth momentum over the medium term, the agency said. However, the competitive environment, particularly for Internet and telephone services, is quite vigorous and could exert pressure on the company, Moody's said.

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