Moody's gives UPC Germany, notes B1, B3

Moody's Investors Service said that it had assigned a provisional B1 rating to UPC Germany GmbH's proposed €1.9 billion euro-equivalent senior secured notes due 2017, a provisional B3 rating to the proposed €600 million of senior notes due 2019 and a provisional B1 corporate family rating.

According to the agency, UPC Germany is indirectly wholly owned by Liberty Global Inc. and the debt rated on a provisional basis is issued to part-fund the issuer's acquisition of Unitymedia GmbH.

The ratings are based on the assumption that following completion of the acquisition the notes will become obligations of legal entities within Unitymedia GmbH and will be supported by Unitymedia GmbH's credit, the agency said.

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