S&P ups Liberty Global outlook to positive

Standard & Poor's said it revised its outlook on Liberty Global Inc. to positive from stable, following the publication of full-year results and the proposed increase and lengthened maturity of the group's main bank facilities at subsidiary UPC Broadband Holding BV (B/positive).

The ratings on Liberty and its related entities, including the B long-term corporate credit rating, were affirmed, the agency noted.

At the same time, S&P said it assigned its B senior secured bank loan rating to the new L, M and N tranches issued by UPC Broadband Holding and UPC Financing Partnership (not rated) while a recovery rating of 3 was also assigned.

The outlook revision reflects Liberty Global's solid performance, improving portfolio of assets and consistent, if still highly leveraged, financial policy, S&P said, noting that the ratings reflect significant sustained leverage, weak, but positive, free cash flow generation, sizable investments in capacity and network expansion, propensity for acquisitions and competitive and dynamic markets.

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