Fitch puts Virgin Media Vendor notes on watch

Fitch Ratings said it placed the B+ instrument ratings of the Virgin Media group’s vendor financing notes on rating watch negative. The RWN affects instruments at Virgin Media Vendor Financing Notes III DAC and Virgin Media Vendor Financing Notes IV DAC. All other ratings for the Virgin Media group are affirmed as laid out at the end of this commentary.

“The rating watch reflects the potential of lower recoveries at the group's vendor financing debt class (VF debt class), following the first-time rating and funding being arranged at VMED O2 UK Ltd., the proposed joint venture (JV) of Virgin Media Inc.'s (VMED; BB-/stable) U.K. cable operations and Telefonica SA's (BBB/stable) U.K. mobile business,” Fitch said in a press release.

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