On May 9, 2008, Standard&Poor's Ratings Services revised its outlook on U.K.-based telecommunications provider Virgin Media Inc. (VMI) to positive from stable following the publication of first-quarter 2008 results. The 'B+' long-term corporate credit rating was affirmed. At the same time, Standard&Poor's revised to '3' from '4' its recovery rating on the junior-lien debt issued by Virgin Media Investment Holdings Ltd. (VMIH), a subsidiary of VMI, while leaving the 'B+' issue-level rating on this debt unchanged, in line with the 'B+' corporate credit rating on the group. The recovery rating of '3' indicates our expectation of meaningful (50%-70%) recovery in the event of a payment default. The outlook revision reflects VMI's improving operating performance and continuing
