Fitch lifts Kabel Deutschland

Fitch Ratings said it upgraded Kabel Deutschland Vertrieb and Service GmbH's long-term issuer default rating to BB from BB-, affirmed its senior secured rating at BB+ and assigned a stable outlook. The company is the successor of Kabel Deutschland Vertrieb and Service GmbH & Co. KG.

The agency said Kabel Deutschland's upgrade is driven by its improving operating and financial profile and its significant deleveraging. The company's ratio of net debt to adjusted last-12-months EBITDA fell to 3.8 times at the end of June, and Fitch expects further short-term deleveraging.

The stable outlook reflects Kabel Deutschland's high lease-adjusted leverage and still relatively low broadband market share, the agency said.

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