Moody’s changes Virgin Media view to negative

Moody’s Investors Service said it changed the outlook on Virgin Media Inc.’s ratings to negative from stable.

“Moody’s decision to change VMED’s ratings outlook to negative reflects (1) the high Moody’s adjusted leverage ratio at 5.8x as of the last twelve months (LTM) ending 30 June 2019, which has been above the trigger of 5.0x set for the Ba3 rating category for a prolonged period of time (the trigger was changed to 5.0x from 5.5x earlier this year); (2) the challenging operating environment which constrains the ability of the company to reduce leverage from a high level on an organic basis,” said Sebastien Cieniewski, Moody’s lead analyst for Virgin Media, in a press release.

Moody’s affirmed the ratings for Virgin Media and affirmed the ratings of the senior secured debt instruments issued at Virgin Media Secured Finance plc, Virgin Media Investment Holdings Ltd., Virgin Media Bristol LLC and Virgin Media SFA Finance Ltd. at Ba3 and of the senior unsecured bonds issued at Virgin Media Finance plc at B2.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.