S&P rates UPC Holding notes CCC+

Standard & Poor's said it assigned its CCC+ rating to UPC Holding BV's €500 million senior secured notes due 2014. This represents an increase in the amount of the previously rated €300 million note issue.

On Jan. 19, 2005, these ratings were placed on CreditWatch with positive implications concurrent with their assignment to reflect the recently completed merger of UPC Holding's ultimate parent, UnitedGlobalCom Inc. (UGC), with Liberty Media International. Existing ratings for UGC and related entities remain on CreditWatch with positive implications.

Proceeds from the issue will be used for general corporate purposes.

Ratings remaining on CreditWatch positive include UnitedGlobalCom Inc.'s B corporate credit rating and CCC+ rating on its senior unsecured convertible notes as well as UPC Broadband Holding BV's B corporate credit and secured bank loan ratings and UGC Europe Inc.'s B corporate credit rating.

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