After completing its acquisition of Netherlands-based cable operator Ziggo N.V. in late 2014, international cable television and broadband services provider Liberty Global PLC (Liberty) has announced it will merge UPC Nederland with Ziggo Group Holding B.V. (Ziggo). We think this will result in a more aggressive financial policy at Ziggo that is only partially offset by a stronger competitive position. We are therefore downgrading Ziggo to 'BB-' from 'BB'. The stable outlook on Ziggo mirrors our stable outlook on its parent company, Liberty, as well as Ziggo's strengths that support its stand-alone credit profile. On Jan. 14, 2015, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Netherlands-based Ziggo Group Holding B.V. (Ziggo) to 'BB-' from 'BB'.
