Fitch ups Virgin Media to positive

Fitch Ratings said it revised the outlook on Virgin Media Inc. to positive from stable, while affirming the company's long-term issuer default rating at BB- and short-term issuer default rating at B.

Fitch also said it affirmed Virgin Media Finance plc's and Virgin Media Investment Holdings Ltd.'s existing instrument ratings.

The agency also assigned an expected rating of BB to Virgin Media Finance plc's proposed new 2019 senior note issuance.

The positive outlook reflects the improving trends evident in Virgin Media's third quarter results, which provide for a greater upside to forecasts than originally anticipated, Fitch said.

A potential upgrade of Virgin Media's issuer default rating to BB would be driven by continued strong operating fundamentals as seen in the third quarter of 2009, the agency said, and a successful extension or significant reduction of the 2012 refinancing risk.

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