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Ratings On Virgin Media Subsidiaries' Junior-Lien And Some High-Yield Debt Raised On Senior-Debt Reduction

Published Jul 10, 2009

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Abstract:

LONDON (Standard&Poor's) July 10, 2009--Standard&Poor's Ratings Services said today that it raised to 'BB-' from 'B+' its issue rating on the junior-lien facility issued by Virgin Media Investment Holdings Ltd. (VMIH), a subsidiary of U.K.-based telecommunications provider Virgin Media Inc. (VMI; B+/Stable/--), whose rating remains unchanged. The recovery rating on this debt was revised to '2' from '3', indicating our expectation of substantial (70%-90%) recovery in the event of a payment default. At the same time, the issue ratings on the senior unsecured notes maturing in 2014 and 2016, and new $1 billion equivalent notes maturing 2016, issued by Virgin Media Finance PLC (VMF; B+/Stable/--), were raised to 'B' from 'B-'. The recovery ratings on this

Report Type:

Ratings Action

Ticker

VMED

Issuer

Virgin Media Inc.

Sector

Global Issuers

Country

United Kingdom

Region

Europe, Middle East, Africa

Format:

HTML

Summary: Virgin Media Inc. – 2009/07/16 – US$ 225.00

Virgin Media Inc. – 2009/07/16 – US$ 500.00

U.K.-Based Virgin Media Inc. Subsidiary's Proposed £500 Million Secured Notes Rated 'BB'; Recovery Rating '1' – 2010/01/12 – US$ 150.00

Summary: Virgin Media Inc. – 2010/03/19 – US$ 225.00

Virgin Media Rating Raised To 'BB-' On Completion Of Debt Refinancing And Resilient Operations; Outlook Positive – 2010/05/10 – US$ 150.00

Virgin Media Outlook Revised To Stable From Positive On Limited Revenue Growth, Ongoing High Leverage; Ratings Affirmed – 2009/05/11 – US$ 150.00

Research Update: Virgin Media Outlook Revised To Stable From Positive On Limited Revenue Growth, Ongoing High Leverage; Ratings Affirmed – 2009/05/11 – US$ 225.00

Summary: Virgin Media Inc. – 2008/11/27 – US$ 225.00

Bulletin: Virgin Media Ratings Unaffected For Now By Proposed Amendments To Senior Credit Facilities – 2008/10/14 – Free

Virgin Media Inc. – 2008/07/04 – US$ 500.00

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MLA:	S&P Global Ratings’ Credit Research. "Ratings On Virgin Media Subsidiaries' Junior-Lien And Some High-Yield Debt Raised On Senior-Debt Reduction" Jul 10, 2009. Alacra Store. May 06, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Ratings-On-Virgin-Media-Subsidiaries-Junior-Lien-And-Some-High-Yield-Debt-Raised-On-Senior-Debt-Reduction-733163>

APA:	S&P Global Ratings’ Credit Research. (). Ratings On Virgin Media Subsidiaries' Junior-Lien And Some High-Yield Debt Raised On Senior-Debt Reduction Jul 10, 2009. New York, NY: Alacra Store. Retrieved May 06, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Ratings-On-Virgin-Media-Subsidiaries-Junior-Lien-And-Some-High-Yield-Debt-Raised-On-Senior-Debt-Reduction-733163>

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