U.K.-Based Virgin Media Inc. Subsidiary's Proposed £500 Million Secured Notes Rated 'BB'; Recovery Rating '1' - S&P Global Ratings’ Credit Research

U.K.-Based Virgin Media Inc. Subsidiary's Proposed £500 Million Secured Notes Rated 'BB'; Recovery Rating '1'

U.K.-Based Virgin Media Inc. Subsidiary's Proposed £500 Million Secured Notes Rated 'BB'; Recovery Rating '1' - S&P Global Ratings’ Credit Research
U.K.-Based Virgin Media Inc. Subsidiary's Proposed £500 Million Secured Notes Rated 'BB'; Recovery Rating '1'
Published Jan 12, 2010
1431 words — Published Jan 12, 2010
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Abstract:

LONDON (Standard&Poor's) Jan. 12, 2010--Standard&Poor's Ratings Services said today that it assigned its 'BB' debt rating to the proposed £500 million senior secured notes to be issued by Virgin Media Secured Finance PLC (VMSF; not rated), a subsidiary of U.K.-based telecommunications provider Virgin Media Inc. (VMI; B+/Stable/--). At the same time, we assigned a recovery rating of '1' to this debt, indicating our expectation of very high (90%-100%) recovery for creditors in the event of a payment default. We anticipate that the new notes will share the same guarantees and security package granted to the existing secured credit facilities at Virgin Media Investment Holding Ltd. (VMIH) level and will rank pari passu with those secured facilities.

  
Brief Excerpt:

RESEARCH U.K.-Based Virgin Media Inc. Subsidiary's Proposed Aú500 Million Secured Notes Rated '##'; Recovery Rating '1' Publication date: 12-Jan-2010 Recovery Analyst: Carlo Castelli, CFA, London (44) 20-7176-3670; carlo_castelli@standardandpoors.com...

  
Report Type:

Ratings Action

Ticker
VMED
Issuer
Virgin Media Inc.
Sector
Global Issuers
Country
United Kingdom
Region
Europe, Middle East, Africa
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "U.K.-Based Virgin Media Inc. Subsidiary's Proposed £500 Million Secured Notes Rated 'BB'; Recovery Rating '1'" Jan 12, 2010. Alacra Store. May 06, 2025. <http://www.alacrastore.com/s-and-p-credit-research/U-K-Based-Virgin-Media-Inc-Subsidiary-s-Proposed-500-Million-Secured-Notes-Rated-BB-Recovery-Rating-1-768353>
  
APA:
S&P Global Ratings’ Credit Research. (). U.K.-Based Virgin Media Inc. Subsidiary's Proposed £500 Million Secured Notes Rated 'BB'; Recovery Rating '1' Jan 12, 2010. New York, NY: Alacra Store. Retrieved May 06, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/U-K-Based-Virgin-Media-Inc-Subsidiary-s-Proposed-500-Million-Secured-Notes-Rated-BB-Recovery-Rating-1-768353>
  
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