Due to intense competition in the Dutch market, we expect Ziggo's Standard&Poor's-adjusted debt to EBITDA will rise above 5x for at least the next two years, and its adjusted free operating cash flow to debt will remain below 5%. To reflect its weaker financial risk profile, we are revising downward our assessment of Ziggo's stand-alone credit profile. We are affirming our 'BB-' corporate credit rating on Ziggo, because we continue to equalize our rating on the company with that on Liberty Global plc (LGP). The stable outlook on Ziggo mirrors our stable outlook on its parent company, LGP. On Jan. 29, 2016, Standard&Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating on Netherlands-based Ziggo Group
