On Feb. 16, 2016, Liberty Global PLC (LGP) and Vodafone Group PLC announced that they would merge their Dutch operations, namely LGP's Ziggo Group Holding B.V. and Vodafone Netherlands, into a new 50/50 joint venture (JV). The merger is expected to close around the end of 2016. In our view, the JV will have a moderately better business risk profile than Ziggo and maintain a 'b+' stand-alone credit profile (SACP). We expect the JV's financial risk profile will remain in line with Ziggo's current capital structure and high leverage. We are affirming our 'BB-' long-term corporate credit rating on Ziggo as we continue to expect parent support from LGP, and from both parents if the JV closes. The stable outlook
