Belgian cable operator Telenet Group Holding N.V. (Telenet) is seeking to issue a new $850 million eight-year term loan to refinance existing debt ahead of schedule. The transaction is leverage neutral, in our view, and our assessments of Telenet's business and financial risk are unchanged. We are therefore affirming our 'B+' long term corporate credit rating on Telenet and our existing 'B+' issue ratings on Telenet's senior secured debt. We are also assigning our 'B+' issue rating to the proposed loan. The stable outlook on Telenet reflects our view that the enlarged group, including BASE Company N.V., will report modest revenue growth and broadly stable EBITDA in 2016, and that Telenet will maintain an aggressive financial policy under the influence
