S&P puts UPC Distribution on positive watch

Standard & Poor's changed its CreditWatch on UPC Distribution Holding BV, the funding unit of UGC Europe Inc. (formerly United Pan-Europe Communications NV) to positive from developing including its €2.75 billion delayed-draw term loan due 2009, €750 million reducing revolving credit facility due 2009 and $500 million term loan due 2009 at C.

S&P said the action reflects UGC Europe's emergence from bankruptcy on Sept. 3.

Fitch upgrades NorthWestern senior secured debt

Fitch Ratings upgraded NorthWestern Corp.'s first mortgage bonds, secured pollution control obligations and secured medium-term notes to CCC from DDD, assigned a CCC rating to its outstanding $388.1 million senior secured term loan facility due 2006. NorthWestern's $865 million senior unsecured notes and debentures remain at DD and its rated $370 million trust preferred securities at D.

Fitch said the action is consistent with its policy to move a rating out of the default category when there is a reasonable expectation that the underlying security may continue to pay its debt service obligations.

Subsequent to NorthWestern's filing for bankruptcy protection on Sept. 15, the company received an interim court order permitting it to make adequate protection payments under its outstanding senior secured obligations, including non-default interest and principal.

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