Moody's rates UPC notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to the $750 million senior secured notes due 2021 being issued by UPCB Finance V Ltd.

The outlook is stable.

UPCB Finance V, a trust-owned special purpose vehicle, will on-lend the proceeds on a senior secured basis into the UPC Holding BV group.

UPC Holding has a Ba3 corporate family rating, Moody's said.

The ratings reflect a view that the senior secured on-lending establishes a claims position for holders of the new notes that is broadly equivalent to that of existing lenders under the UPC bank facility, Moody's said.

The ratings also consider UPC's significant scale of operations and its geographical diversification across European markets, the agency said, along with its good operating performance in Western Europe.

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