Credit ratings agency Moody’s has downgraded Virgin Media two notches, citing the firm’s “weakened credit profile” following the completion of its takeover by Liberty Global.
Moody’s downgraded Virgin from Ba1 to Ba3 – both are long-term ratings that are generally considered to be speculative and risky to investors.
The firm said that Virgin’s weakened credit profile as well as the alignment of Virgin Media’s financial policy with the “more debt-tolerant stance” of Liberty Global, were the reasons for the downgrade.
Moody’s added that Liberty Global remained under review from a ratings standpoint.
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