Moody's ups Kabel Deutschland

Moody's Investors Service said it upgraded the corporate family and probability-of-default ratings of Kabel Deutschland GmbH to Ba2 from Ba3.

The ratings for the senior unsecured notes have also been upgraded to B1 from B2, the agency added.

The outlook is stable.

Moody's said that the upgrade of Kabel Deutschland's corporate family rating to Ba2 reflects the rating agency's positive view of: (i) the robust operating performance of the company and; (ii) its continued focus on de-leveraging.

After registering year-on-year growth of around 10% in reported revenues and over 15% in reported adjusted EBITDA in FYE 31 March 2010, the company continued to maintain strong operating momentum in Q1 2010/11, the agency added.

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