S&P rates UPC Germany notes BB-, B-

Standard & Poor's said it assigned issue-level and recovery ratings to two proposed debt instruments to be issued by UPC Germany GmbH, an indirect wholly owned subsidiary of Liberty Global Inc (LGI; B+/watch negative).

According to the agency, UPC Germany was formed to acquire all of the issued and outstanding share capital of Unitymedia GmbH (BB-/watch negative).

S&P said it assigned an issue rating of BB- to UPC Germany's proposed €1.9 billion-equivalent senior secured notes, one notch above the corporate credit rating on Liberty. The recovery rating on this instrument is 2.

At the same time, the agency said it assigned an issue rating of B- to UPC Germany's proposed €600 million senior notes. The recovery rating on this debt is 6.

In addition, the ratings on both the proposed €1.9 billion-equivalent notes and the proposed €600 million notes were placed on Creditwatch with negative implications, the agency added.

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