Dutch cable operator Ziggo is proposing €500 million of new senior secured notes due 2017 through a special purpose vehicle. We view the contemplated transaction as credit positive, as it would further consolidate an already strong liquidity position. The existence of €2 billion of shareholder loans maturing 2015-2016 outside the restricted group continues to be a constraint for the ratings. We are assigning a 'BB' issue rating to the proposed notes. On Oct. 21, 2010, Standard&Poor's Ratings Services affirmed its 'B+' long-term corporate credit rating on Netherlands-based leading cable operator Ziggo Bond Co. B.V. (Ziggo). In addition, we assigned a 'B+' long-term corporate credit rating to Ziggo's fully owned subsidiary Amsterdamse Beheer en Consultingmaatschappij B.V. (ABC B.V.) and
