Moody's gives Virgin Media notes Ba2

Moody's Investors Service said it assigned a provisional Ba2 rating to the about £500 million of senior secured notes due 2018 announced to be issued by Virgin Media secured Finance plc, a subsidiary of Virgin Media Inc.

The outlook is stable.

Moody's said that the company plans to use the proceeds to prepay certain tranches of its senior credit facility.

"The provisional Ba2 rating assigned to the proposed notes issue reflects their relative ranking within the company's capital structure as they will rank pari passu with the existing secured bank debt and will benefit from broadly the same security and guarantees" said Stefano del Zompo, lead analyst for Virgin Media at Moody's.

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