Research Update: VodafoneZiggo Group B.V. 'B+' Ratings Affirmed; Stand-Alone Credit Profile Revised To 'b+'; Outlook Stable

Cable and telecom firm VodafoneZiggo Group B.V. (VodafoneZiggo) maintained its S&P Global Ratings-adjusted leverage below 6x and its free operating cash flow (FOCF) to debt (adjusted for vendor financing) above 5% in 2021, and we forecast that it will continue to do so in 2022. We raised the stand-alone credit profile (SACP) for VodafoneZiggo to 'b+' from 'b'. We no longer incorporate one notch of group support in the rating because it is capped at one notch below Liberty Global, and we think Vodafone Group is unlikely to independently support VodafoneZiggo, if the need arose. We affirmed our 'B+' long-term issuer credit rating on VodafoneZiggo. The stable outlook reflects our expectation that continued solid operating performance by VodafoneZiggo will result

...- Cable and telecom firm VodafoneZiggo Group B.V. (VodafoneZiggo) maintained its S&P Global Ratings-adjusted leverage below 6x and its free operating cash flow (FOCF) to debt (adjusted for vendor financing) above 5% in 2021, and we forecast that it will continue to do so in 2022. - We raised the stand-alone credit profile (SACP) for VodafoneZiggo to 'b+' from 'b'. - We no longer incorporate one notch of group support in the rating because it is capped at one notch below Liberty Global, and we think Vodafone Group is unlikely to independently support VodafoneZiggo, if the need arose. - We affirmed our 'B+' long-term issuer credit rating on VodafoneZiggo. - The stable outlook reflects our expectation that continued solid operating performance by VodafoneZiggo will result in adjusted leverage of about 5.6x-5.8x and free operating cash flow (FOCF) to debt (adjusted for vendor financing) of about 5%-6% in 2022....

Research Update