Dutch cable operator Ziggo Bond Co. B.V. has converted all shareholder loans outstanding and accrued interest to common equity and completed its IPO. Because we analytically treat shareholder loans as debt-like, the conversion has lowered the company's adjusted debt leverage. We are consequently raising our long-term rating to 'BB' from 'B+', and all related issue ratings by two notches. The stable outlook reflects our expectation of continued majority control by private equity sponsors and Ziggo's aggressive financial policy targets. On April 2, 2012, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Ziggo Bond Co. B.V. (Ziggo), a Netherlands-based leading cable operator, to 'BB' from 'B+', and all related issue ratings by two notches. At the same
