S&P affirms Virgin Media

Standard & Poor's said it affirmed its BB- senior secured debt rating and 1 recovery rating on Virgin Media Investment Holdings Ltd.'s £4,975 million senior secured facilities.

The 1 recovery rating reflects the agency's expectations of full recovery of principal in the event of a payment default.

S&P noted that the affirmation follows Virgin Media's proposed £890 million drawings under tranches B5 and B6 to prepay the outstanding tranche A and A1 debt due for repayment from 2007 until 2009.

The quantum of Virgin Media's total senior secured debt will, therefore, only incrementally increase, the agency said, adding that the proposed increase will be provided on similar terms to the existing B tranches and this refinancing and repayment deferral removes the near-term pressure of Virgin Media's debt amortization profile.

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