We consider the business risk profile of The Netherlands-based Ziggo Bond Co. B.V. (Ziggo), the indirect and full owner of the largest Dutch cable TV operator to be satisfactory, given Ziggo's strong positions and robust generation of free cash flow; we view the company's financial risk profile as highly leveraged. We are assigning Ziggo our 'B+' long-term corporate credit rating. We are assigning our 'B' issue rating and a '5' recovery rating to Ziggo's proposed €1.2 billion senior secured notes. The stable outlook reflects our belief that Ziggo's cash generation will likely be consistent and liquidity will remain adequate. On April 22, 2010, Standard&Poor's Ratings Services assigned its 'B+' long-term corporate credit rating to The Netherlands-based Ziggo Bond
