S&P rates UPC notes B-

Standard & Poor's said it assigned a B- rating to the proposed €640 million subordinated notes to be issued by UPC Holding BV, the holding company of UPC Broadband Holding BV. The agency also assigned a recovery rating of 6 to the notes, indicating an expectation of 0% to 10% recovery for creditors in a default. The proposed notes will rank pari passu with the existing subordinated bonds at the UPC Holding level, S&P said.

The rating is two notches below the corporate credit rating on UPC, the agency said.

The high proportion of prior-ranking debt constrains the recovery prospects for subordinated noteholders, including the proposed noteholders, S&P said.

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