S&P affirms Liberty Global

Standard & Poor's said it affirmed the B+ corporate credit ratings on Liberty Global Inc. and the B+/3 ratings on €6.2 billion equivalent senior secured loan facilities issued by UPC Broadband Holding BV and UPC Financing Partnership.

Also affirmed are the B-/6 ratings on €1.1 billion secured and unsecured notes issued by UPC Holding BV and the €500 million unsecured convertible notes issued by UnitedGlobalCom Inc.

The outlook is stable.

Ratings are constrained by an aggressive financial policy that includes 4 times to 5 times total debt-to-EBITDA, weak free operating cash flow, highly competitive environment in most of its markets, appetite for acquisitions and aggressive share buybacks, the agency said.

Ratings are supported by a diversified asset portfolio with some utility-like cable-TV business characteristics, sustained revenue and EBITDA growth, and proactive liquidity and long-dated debt management, S&P said.

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