On May 11, 2009, Standard&Poor's Ratings Services revised its outlook on Virgin Media Inc. (VMI) to stable from positive, reflecting the group's limited progress on its deleveraging plans and the substantially reduced likelihood of the group deleveraging to adjusted debt to EBITDA of less than 4x in the near term through top line growth. At the same time, Standard&Poor's affirmed all the ratings on the group, including the long-term 'B+' corporate credit rating. The ratings are constrained by the difficult and very competitive U.K. operating environment, which weighs on revenue growth prospects for VMI; significant gross leverage; and reliance on a competitor for some key TV content. The ratings benefit, however, from VMI's well-established business position
