(The following statement was released by the rating agency)
-- Dutch cable operator Ziggo Bond Co. B.V. has converted all shareholder
loans outstanding and accrued interest to common equity and completed its IPO.
-- Because we analytically treat shareholder loans as debt-like, the
conversion has lowered the company's adjusted debt leverage.
-- We are consequently raising our long-term rating to 'BB' from 'B+',
and all related issue ratings by two notches.