Moody's rates United GlobalCom loan B1

Moody's Investors Service said it affirmed the ratings of UnitedGlobalCom Inc. and its subsidiaries and assigned ratings to new tranches of its multi-tranche bank credit facilities. The outlook remains stable.

More specifically, Moody's affirmed UnitedGlobalCom's senior implied rating of B1 and senior unsecured issuer rating of B3.

Moody's affirmed UPC Broadband Holding BV's (formerly UPC Distribution Holding BV) B1 senior implied rating and B3 senior unsecured issuer rating. Moody's assigned ratings of B1 to the following facilities under the amended and restated €1.072 billion (original amount) senior secured credit agreement: tranche G €1 billion term loan maturing April 2010; tranche H €1.5 billion term loan maturing September 2012 (composed of Tranche H-1 for $1.25 billion and H-2 for €550 million); and tranche I €500 million revolver maturing April 2010.

Ratings of B1 were affirmed for the tranche A revolver (which is being reduced to €500 million from €667 million) expiring June 2008 and the tranche F term loans with €539 million outstanding.

Moody's said the rating analysis took into account the announcement of UnitedGlobalCom's prospective merger with its 52% owner, Liberty Media International. The rating levels reflect the expectation that borrower group's financial profile will not be immediately affected by the merger, while recognizing that changes in strategic goals following the combination could affect credit ratings in the future.

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