Outlook On Belgian Cable Operator Telenet Revised To Stable On Reassessed Financial Policy; 'B+' Rating Affirmed

As of Jan. 14, 2013, international cable operator Liberty Global Inc. has increased its ownership of Belgium-based cable operator Telenet Group Holding N.V. (Telenet) to 58.4% from 50.1% of total issued shares. We now anticipate that Liberty Global will pursue a more aggressive financial policy at Telenet, including maintenance of higher debt leverage going forward. We are therefore revising our outlook on Telenet to stable from positive. At the same time, we are affirming our 'B+' long-term corporate credit rating on Telenet and our 'B+' issue ratings on its senior secured debt. The stable outlook reflects our expectation that Telenet will report sustained revenue and EBITDA growth from increasing penetration of bundled products, and maintain Standard&Poor's-adjusted gross debt

...+ As of Jan. 14, 2013, international cable operator Liberty Global Inc. has increased its ownership of Belgium-based cable operator Telenet Group Holding N.V. (Telenet) to 58.4% from 50.1% of total issued shares. + We now anticipate that Liberty Global will pursue a more aggressive financial policy at Telenet, including maintenance of higher debt leverage going forward. + We are therefore revising our outlook on Telenet to stable from positive. At the same time, we are affirming our 'B+' long-term corporate credit rating on Telenet and our 'B+' issue ratings on its senior secured debt. + The stable outlook reflects our expectation that Telenet will report sustained revenue and EBITDA growth from increasing penetration of bundled products, and maintain Standard & Poor's-adjusted gross debt leverage of more than 4.5x over the next 12-18 months. FRANKFURT (Standard & Poor's) Jan. 21, 2013--Standard & Poor's Ratings Services today revised its outlook on Belgium-based cable operator Telenet...

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