... Global PLC has acquired all the remaining publicly traded shares of Telenet Group Holding N.V., which leads us to revise Telenet's status within the group to core from strategically important. - While we note uncertainties around the future debt tolerance at Telenet, we believe Liberty Global's full ownership could lead to a more aggressive financial policy. - In our opinion, if Liberty Global were to push down the debt used for the take-private transaction to Telenet's balance sheet, this would raise Telenet's adjusted debt to EBITDA to around 5x (from just under 4x at the end of 2023). However, given Telenet's significant upcoming investment requirements, Liberty Global may keep its leverage at a more conservative level over the medium term. - We therefore affirmed our '##-' long-term issuer credit and issue ratings on Telenet and its debt. - Our rating on Telenet is linked to the rating on its parent, Liberty Global (##-/Stable/--)....
