S&P affirms UPC, notes

Standard & Poor's said it affirmed its B long-term corporate credit ratings on UPC Holding BV and related entities and removed the ratings from CreditWatch with positive implications following the announcement that Liberty Global Inc., UPC's ultimate parent, has reached agreement to acquire Cablecom Holdings AG (B/stable) for CHF 2.825 billion.

The agency said the ratings on Cablecom and related entities, including the B long-term corporate credit rating, were also affirmed. The outlooks are stable.

At the same time, S&P said it affirmed its CCC+ senior secured debt rating on UPC's notes issue, which has been increased by €300 million to €800 million.

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