Moody's upgrades Unitymedia

Moody's Investors Service said it upgraded the corporate family rating of Unitymedia GmbH to Ba3 from B2, probability-of-default rating to Ba3, senior secured bonds to Ba3 from B2 and on the senior bonds to B2 from Caa1.

The outlook is stable.

The upgrade of the corporate family rating is underpinned by the company's solid operating and financial performance in 2008, a stable outlook for its cable business for 2009 and its significantly reduced leverage at the end of 2008 with further potential for de-leveraging, according to the agency.

As of Dec. 31, the company a debt-to-EBITDA ratio was 4.2x.

The Ba3 corporate family rating also reflects the company's exposure to a strong competitive environment and relatively mature broadband market, the agency said.

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