Fitch might lift Unitymedia

Fitch Ratings said it placed Unitymedia GmbH's B+ long-term issuer default rating and all associated instrument ratings on rating watch positive following the announced sale of the company by parent company, Liberty Global plc to Vodafone Group plc (BBB+/stable).

The positive watch reflects Fitch's intention to apply Parent Subsidiary Linkage (PSL) to Unitymedia following closing of the transaction. The agency said its initial assessment of the transaction structure implies strong strategic and operational ties with moderately strong legal ties; resulting in a Unitymedia issuer default rating that is likely to be one notch below that of new parent, Vodafone.

Fitch affirmed Vodafone’s issuer default rating at BBB+/stable upon announcement of the transaction.

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