S&P: Virgin Media on watch

Standard & Poor's said it placed all its ratings, including its B+ long-term corporate credit rating, on Virgin Media Inc. and related entities on CreditWatch with negative implications.

This follows receipt of a proposal from a private-equity firm to acquire 100% of the company's stock, the agency noted, adding that the CreditWatch placement reflects the confirmation of an equity bid.

It also reflects Virgin Media's ongoing strategic review, which includes a possible sale of the company, S&P added.

Despite the fact that no negotiations have been engaged as yet with the bidder, S&P said it believes that there is a reasonable chance that Virgin Media's management could decide to progress take-over discussions.

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