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Moody's may up NTL Cable, Telewest
Moody's Investors Service said it placed all ratings of NTL Cable plc and Telewest Communications Networks Ltd. on review for possible upgrade following NTL's announcement that it plans to acquire Telewest following a definitive merger agreement between the two companies.
Affected ratings include NTL's B1 corporate family rating and B3 rating on the £764 million senior notes due 2014; NTL Investment Holdings Ltd.'s B1 rating on the £2.425 billion senior secured bank facility due 2012; and Telewest's B1 corporate family rating; B1 rating on the £1.55 billion first-lien senior secured bank facilities due 2011; and the B3 rating on the £250 million second-lien senior secured bank facilities due 2014.
Moody's said that while integration of the companies is expected to pose significant operational challenges, the review for upgrade reflects Moody's view that both the operational performance and competitive position of NTL will be strengthened by the acquisition.
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