LONDON (Standard&Poor's) Dec. 1, 2006--Standard&Poor's Ratings Services said today that its ratings and outlook on Belgium-based cable operator Telenet Group Holdings N.V. (B+/Stable/--) are unaffected by the company's acquisition of 100% of the shares of cable-television company UPC Belgium N.V. from U.S.-listed, international cable operator Liberty Global Inc. (LGI; B/Stable/--). The purchase price of Ç187 million (approximately 10x EBITDA) will be fully paid in cash, funded by Telenet's senior credit facility and cash on the balance sheet. Telenet's adjusted total debt to EBITDA should, therefore remain at 3.7x. The company's liquidity position, although decreasing, is not expected to pose a short-term threat, with Ç98 million of cash and cash equivalents and about Ç550 million of undrawn
