U.S.-listed international cable TV and broadband services provider Liberty Global Inc. (LGI) has launched a $23 billion cash and share takeover bid for U.K. cable operator Virgin Media Inc. (VMI). We anticipate as a consequence a more aggressive financial policy at VMI. We are therefore placing our ratings on VMI on CreditWatch negative. We are also assigning the group's proposed new senior secured debt instruments our 'BB-' issue rating and unsecured notes our 'B' issue rating. The CreditWatch placement indicates the possibility of a one-notch downgrade, to 'BB-', if the acquisition closes on the terms currently expected, although this will also ultimately depend on whether we upgrade LGI to 'BB-' or not. On Feb. 6, 2013, Standard&Poor's Ratings
