Moody's cuts Virgin Media notes

Moody's Investors Service said it took a number of rating actions affecting Liberty Global plc and its wholly owned subsidiaries and certain special purpose vehicles. In particular the agency:

• Moved the Ba3/Ba3-PD corporate family rating and probability of default rating for the Liberty Global group of companies to Liberty Global plc the group's new ultimate holding company;

• Withdrew the provisional Ba3 CFR of Lynx I Corp.;

• Replaced the provisional instrument ratings at Lynx I Corp. and Lynx II Corp.;

• Downgraded the corporate family rating and probability of default rating of Virgin Media Inc. to Ba3 from Ba1 and Ba3-PD from Ba1-PD;

• Downgraded the Baa3-rated senior secured notes at Virgin Media Secured Finance plc to Ba3; and

• Downgraded the Ba2-rated senior unsecured notes of Virgin Media Finance plc to B2.

All ratings for Liberty Global, including those of its wholly owned subsidiaries Virgin Media, UPC and Unitymedia KableBW, remain under review for possible downgrade.

Moody's said the actions follow the completion of Liberty Global's acquisition of Virgin Media in early June. The terms of the acquisition were broadly unchanged from those announced in February this year and the downgrades for Virgin Media are in line with those indicated in Moody's press release of Feb. 6.

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