Fitch: Kabel loan amendment is credit neutral

Fitch Ratings said that Kabel Deutschland GmbH's proposal to amend its senior credit facility to allow it to refinance the payment-in-kind loan issued by Kabel Deutschland Holding AG is credit neutral.

Kabel Deutschland Vertrieb und Service GmbH & Co AG has a long-term issuer default rating of BB- with a positive outlook. The company's senior secured bank facilities are rated BB+.

Kabel Deutschland has proposed to amend the senior leverage covenant of its senior secured bank facility from a constant 3.5 times to a higher level of 4.25 times as of June 30, stepping down to 3.5 times by December 2012, the agency said.

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