LONDON (Standard&Poor's) Nov. 14, 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 Liberty Global Inc.'s (LGI; B/Stable/--) increased share in Telenet's capital. Under the existing agreement between Telenet's main shareholders, LGI's 28.1% stake gives it effective control of Telenet's board and significant influence that will lead to the consolidation of Telenet on a global basis under U.S. GAAP. Standard&Poor's is of the view, however, that there is substantial economic impediment on LGI's ability to upstream cash from Telenet given the existence of significant minority shareholders. Standard&Poor's has not equalized the ratings on LGI and Telenet. Telenet's leverage (3.8x
