We think VodafoneZiggo Group B.V. will show flat revenue growth in 2025 and that squeezed EBITDA margins will weigh on its leverage headroom. We project the group?s fixed segment will remain subdued over the next few years due to market share erosion and competitors? targeted promotional activities over our forecast period. We expect the consumer mobile segment to demonstrate resilience during this period. VodafoneZiggo has become more important to Liberty Global Ltd.?s (BB-/Stable/--) strategy and operations following the spin-off of Sunrise, which provides a cushion for VodafoneZiggo?s issuer credit rating. We affirmed our long-term credit rating on VodafoneZiggo. The stable outlook reflects our expectation of stable EBITDA beyond 2025, driven by continued growth in the consumer mobile and business-to-business (B2B)
