S&P rates Liberty Global B

Standard & Poor's said it assigned a B long-term corporate credit rating to Liberty Global Inc. The outlook is stable.

S&P said the rating reflects Liberty Global's significant sustained leverage and weak cash flows, its propensity for acquisitions, as evidenced by the recent debt-funded purchase of Cablecom Holdings AG (B/stable), and operational challenges.

The ratings are supported by the group's diverse portfolio of cable operations, its reported subscriber, revenue and EBITDA growth and its triple-play strategy, the agency said.

At Sept. 30, the company had total debt and capital leases of $5.8 billion (excluding Japan), increasing to about $8.3 billion pro forma for the Cablecom acquisition and other transactions, and the company's adjusted leverage was about 6x at the end of the third quarter of 2005, the agency said.

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