Fitch ups Telenet to BB-, rates loans BB+

Fitch Ratings said it upgraded Telenet BidCo NV's issuer default rating to BB- from B+ and affirmed its short-term rating at B. The outlook remains stable.

The agency also assigned Telenet's €1 billion senior secured credit facilities a BB+ rating and affirmed Telenet Communications NV's senior notes and Telenet Group Holding NV's senior discount notes at BB and B+, respectively.

The upgrade of the issuer default rating reflects the growing maturity of Telenet's operations and financial profile, Fitch said. The company exhibits increasingly well-diversified revenue and cash flow, with strong contributions from each of its core services - CATV, broadband and telephony. Its financial maturity is reflected in a leverage ratio (3.7x as of March) that is low by European cable standards.

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