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Fitch affirms Virgin Media
Fitch Ratings said it affirmed Virgin Media Inc.'s long-term issuer default rating at BB+ and its short-term issuer default rating at B.
The senior secured facilities were affirmed at BBB-, Virgin Media Secured Finance plc's 2018 senior secured bonds affirmed at BBB-, and Virgin Media Finance Plc's 2014, 2016 and 2109 senior notes were affirmed at BB+.
The outlook on the long-term issuer default rating is BB+.
Virgin Media's key strength is its "second-incumbent" qualities in the U.K. and its strong market share within its geographic footprint, according to the agency.
Fitch said it does not expect a positive rating action unless the company shows greater financial discipline, such as significantly lowering its current net leverage target of 3x.
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