S&P lifts Virgin Media view, rates notes BB-

Standard & Poor's said it revised its outlook on Virgin Media Inc. to positive from stable.

At the same time, the agency said it affirmed its BB long-term corporate credit rating on the company, along with all existing issue ratings on the company's debt.

In addition, the agency said it assigned Virgin Media Finance plc's proposed $400 million unsecured notes a BB- issue rating, with a recovery rating of 5, indicating an expectation of modest recovery for debtholders in the event of a payment default.

The rating action follows Virgin Media's reporting of solid operating performance in 2011 and S&P's expectation that moderate revenues and EBITDA growth over the next 18 months will support the company's good free operating cash flow generation, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.