S&P affirms Virgin Media

S&P said it affirmed the BB- long-term corporate credit rating on Virgin Media Inc. and its various issuing entities.

The outlook is stable.

The agency also affirmed the BB- issue rating on Virgin Media's senior secured loans and notes. The recovery rating is unchanged at 3, indicating expectations for meaningful recovery prospects (rounded estimate: 55%) in the event of a default.

S&P also affirmed the B issue rating on the senior unsecured notes and receivables financing notes. The recovery rating is unchanged at 6 (rounded estimate: 0%).

The agency said the affirmation signifies that it continues to see Virgin Media as a core subsidiary of Liberty Global, given that it is the largest entity in the group and represents over a third of combined group revenues.

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