Belgium-based Telenet Group Holding N.V. plans to acquire the Belgian mobile activities of Dutch telecom operator KPN (which operate under the BASE brand), with €1 billion of new debt and existing liquidity. We anticipate that the transaction will benefit Telenet's competitive position. We think that Telenet's financial risk profile remains unchanged, because we expect that majority owner Liberty Global will continue to pursue an aggressive financial policy at Telenet. We are therefore affirming our 'B+' corporate and issue credit ratings on Telenet. The stable outlook reflects our expectation that Telenet will post modest organic revenue and EBITDA growth in 2016 after the closing of the acquisition, with EBITDA growth accelerating from 2017. On April 21, 2015, Standard&Poor's Ratings
