Moody's: Ziggo notes Baa3

Moody's Investors Service said it assigned Ba1 corporate family rating and a Ba1-PD probability of default rating to Ziggo NV and withdrew Ziggo Bond Co. BV's Ba1 corporate family and Ba1-PD probability of default ratings.

Moody's also said it assigned a provisional Baa3 rating to the proposed €500 million senior secured notes due 2020 of Ziggo BV, which is indirectly wholly-owned by Ziggo. The existing bond ratings for Ziggo entities also were affirmed.

The outlook is stable.

The ratings reflect the company's leading position in the Dutch pay-TV, broadband and telephony markets, continued solid operating performance with industry-leading margins and an expectation that Ziggo can deliver continued revenue growth, the agency said.

The stable outlook assumes that Ziggo can show continued growth momentum while broadly maintaining margins in this challenging market, Moody's said.

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