Moody’s takes various actions on Ziggo

Moody's Investors Service said it assigned a Ba3 corporate family rating and a Ba3-PD probability of default rating to Ziggo Group Holding BV and withdrew all ratings of Ziggo Holding BV (formerly Ziggo NV).

Ziggo Group Holding will be the reporting entity for future consolidated financial reports for the Ziggo group of companies.

The agency also downgraded the rating of the senior secured notes due 2020 at Ziggo BV to Ba3 from Ba2 and assigned a definitive Ba3 rating to its existing bank facilities. It also assigned a Ba3 rating to Ziggo Secured Finance BV's proposed new €1.5 billion senior secured facilities.

Finally, the agency upgraded the rating of the senior notes due 2024 assumed by Ziggo Bond Co. BV (previously assigned to LGE HoldCo VI BV) to B2 from provisional B3 and assigned a B2 rating to the proposed issuance of €730 million in senior unsecured notes due 2025 at Ziggo Bond Finance BV.

Ziggo Group Holding is an indirectly wholly owned subsidiary of Liberty Global plc (Ba3, stable). In turn, Ziggo Group Holding indirectly wholly owns Ziggo Holding BV, the Dutch cable operator Liberty Global acquired in November.

Liberty Global has started a reorganization process, which will result in a transfer of its existing Dutch cable operations headed by UPC Nederland to Ziggo Group Holding.

According to the agency, all ratings assigned assume that the reorganization process will be concluded as currently planned during the first calendar quarter of 2015. The ratings also assume that cross guarantee and collateral sharing arrangements are put in place that will result in a pari passu position of the claims under the new senior notes at Ziggo Bond Finance and Ziggo Bond Co. and the existing senior secured debt at Ziggo BV and the new senior secured debt at Ziggo Secured Finance, respectively.

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