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Moody's rates UPC tranche B1
Moody's Investors Service said it assigned a prospective B1 rating to UPC Distribution Holding BV's €400 million senior secured tranche F due 2011 and affirmed UPC's existing bank facility ratings.
Concurrently, Moody's affirmed the B1 senior implied and B3 senior unsecured issuer ratings of UPC's parent, United GlobalCom Inc. The outlook is stable.
Proceeds from the new tranche F will be used to refinance a portion of existing tranches of the senior bank facilities.
Moody's said the ratings of the bank facilities reflect their relative ranking in the company's consolidated capital structure and the benefits of a relatively strong covenant, guarantee and security package.
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