Virgin Media lifted on resilient performance

Moody’s has raised its rating of UK MSO Virgin Media. The credit ratings agency cited Virgin’s “continued strong and resilient operating performance despite a difficult macro-economic environment in 2009 as well as the persistent intensive competition in the UK market” as a key reason for raising the rating from stable to positive.

The cabler’s financial situation will be further improved with the £160m (€195m) sale of its channel bouquet VMtv and Moody’s analysts said they expect the company to use cash on hand to further reduce debt, although it noted that “uncertainty over the medium term financial policy still remains”.