S&P rates UPC Distribution loan B

Standard & Poor's said it assigned its B rating to UPC Distribution Holding BV's €400 million tranche F senior secured term loan due 2011. A recovery rating of 3 was also assigned to the loan.

Existing ratings on parent UnitedGlobalCom Inc. and related entities, including the B corporate credit rating and CCC+ senior unsecured convertible notes and UPC Distribution's B rated €3.45 billion secured bank facility, were affirmed. The outlook is stable.

Proceeds of the tranche F loan will be used to repay other existing outstanding bank debt under the company's €3.45 billion bank facility, which could include up to €200 million of borrowings outstanding under the revolving credit.

S&P said the ratings reflect UnitedGlobalCom's significant business risk in its 11 European cable markets, which represent the vast majority of its revenues and EBITDA.

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