U.K. cable TV operator and broadband and telephony services provider Virgin Media Inc. has completed a major three-year refinancing program, resulting in an improved capital structure. The group's operations have proved to be resilient in a difficult economic environment in the U.K. We are raising our long-term corporate credit rating on VMI to 'BB-' from 'B+'. The positive outlook reflects the potential for further rating upside should the group's credit metrics improve on the back of enhanced free operating cash flows. On May 10, 2010, Standard&Poor's Ratings Services raised to 'BB-' from 'B+' its long-term corporate credit rating on U.K. cable-TV (CATV) operator Virgin Media Inc. (VMI). The outlook is positive. At the same time, we raised the
