...LONDON (S&P Global Ratings) Sept. 26, 2016--S&P Global Ratings today assigned its 'B' issue rating with a '6' recovery rating to the proposed ú350 million senior unsecured Receivables Financing Notes to be issued by Virgin Media Receivables Financing Notes I Designated Activity Company. This company is an orphan special purpose vehicle (SPV) in the Virgin Media Inc. (Virgin Media; ##-/Stable/--) structure. Virgin Media is a U.K.-based provider of TV, fixed broadband, fixed-line telephony, and mobile services in the U.K. and Ireland. The proceeds from the new notes, maturing in September 2024, will be used to participate in Virgin Media's existing vendor financing program. The transaction will have a neutral impact on leverage. We understand that it is part of Virgin Media's strategy to diversify capital sources and manage short-term refinancing risk. In our view, the SPV meets the following conditions: + All of its debt obligations are backed by equivalent-ranking obligations with equivalent...
