...LONDON (S&P Global Ratings) March 21, 2018--S&P Global Ratings today assigned its 'B' issue rating and '6' recovery rating to the proposed ú300 million senior unsecured receivables financing notes (RFNs) to be issued by Virgin Media Receivables Financing Notes II Designated Activity Company. This company is an orphan special-purpose vehicle (SPV) of Virgin Media Inc. (##-/Stable/--), a U.K.-based provider of TV, fixed broadband, fixed-line telephony, and mobile services in the U.K. and Ireland. At the same time, we affirmed our existing '##-' issue rating with recovery rating of '3' (rounded estimate 55%) on the group's senior secured debt. We also affirmed our 'B' issue rating with recovery rating of '6' on the group's unsecured notes, reflecting the notes' structural and contractual subordination to the senior secured debt. The proposed notes will mature in April 2023 and will be used to fund the existing vendor financing program. In our view, the SPV meets the following conditions: +...
