Dutch cable operator Ziggo Bond Co. B.V. (Ziggo) has announced its intention to launch an IPO. We understand that the company's shareholder loans and accrued interest, which we currently treat as debt, will be converted into common equity as part of the IPO transaction. As a result, the transaction will likely considerably reduce the company's adjusted debt leverage. We are therefore placing our 'B+' long-term rating on Ziggo, and all related issue ratings, on CreditWatch positive. On March 7, 2012, Standard&Poor's Ratings Services placed its 'B+' long-term corporate credit rating on The Netherlands-based leading cable operator Ziggo Bond Co. B.V. (Ziggo) on CreditWatch with positive implications. We also placed our 'BB' issue rating on Ziggo's senior secured notes
