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Announcement:

Moody's affirms C&M's ratings at B3/stable

11 Jan 2011

Approximately US$57 million of debt securities affected

Hong Kong, January 11, 2011 -- Moody's Investors Service has today affirmed C&M Co. Ltd's ("C&M") local currency corporate family rating and C&M Finance Ltd's senior unsecured bond rating at B3; the outlook on the ratings remains stable.

The rating affirmation is in response to C&M's plans to acquire 84.9% of GS Gangnam Broadcasting and 99.8% of GS Ulsan Broadcasting from GS Homeshopping for a total of W393 billion.

"While the acquisition will result in the incurrence of additional debt at the C&M level, the structure, if completed, should be mildly deleveraging on a consolidated basis " says Laura Acres, a Moody's Vice President and Senior Credit Officer.

Moody's notes that the acquisition is still subject to regulatory approval and execution risk pertaining to the debt and equity financing.

Moody's views C&M's debt profile on a fully consolidated basis following the takeover in March 2008 by a consortium of financial and strategic investors led by MBK Partners ("MBKP") and the Macquarie Korean Opportunities Fund ("MKOF"). This approach has been adopted since March 2008 when an acquisition financing of KWR1.2 trillion in term loans and a KWR300 billion interest tranche, was structured through a special purpose entity, Kookmin Cable Investment ("KCI").

"In addition, the cash flows arising from the acquisition financing structure will alleviate pressure on the W300 billion interest facility in place to service the W1.2 trillion acquisition debt at the KCI level, such that this facility will maintain drawing headroom until the maturity of the acquisition facilities in March 2013," says Acres, also Moody's Lead Analysts for C&M.

"However, the B3 rating continues to reflect C&M's high debt leverage on a consolidated basis which remains in excess of 9.0x as at LTM 30th June 2010," says Acres

"Furthermore, C&M continues to see intense competition from the larger and better capitalized telecommunications operators who continue to aggressively build their IPTV platforms in terms of both content and subscribers," continues Acres.

"This has resulted in the wider cable-TV industry losing subscriber numbers, a trend which Moody's strongly suspects will continue for the foreseeable future," says Acres.

On a fundamental level, C&M maintains a highly competitive position consistent with a monopoly or duopoly status in substantially all of its areas of operation and attracts new subscribers to its digital platform. This has benefited the company with highly attractive EBITDA margins, relative to its peer group. These strengths partially mitigate the company's high financial leverage and the potential threat from IPTV, positioning it at the B3 rating level with a stable outlook.

Upward pressure on the rating is unlikely over the short-to-medium term. However, upward pressure could emerge should C&M deliver on its digitalization and bundling strategies such that adjusted consolidated Debt/EBITDA falls below 7.5-8x and the degree of headroom under the interest facility increase. Moody's should also like to see C&M and its shareholders proactively manage the refinancing of the W1.2 trillion acquisition facilities which are currently due to mature in March 2013.

The ratings may encounter further downward pressure should ongoing competitive pressures cause ARPU levels to deteriorate further such that adjusted EBITDA margins fall below 45% or adjusted consolidated Debt/EBITDA fails to trend below 9.0x on a sustained basis. Given the private equity structure, Moody's would also be concerned if the shareholders sought to pull more cash out of C&M than anticipated, through such methods as inter-company loans or special dividends.

The principal methodology used in rating C&M was Moody's Global Cable Television Industry published in July 2009.

The last rating action was on 1st June 2010 when C&M's ratings were downgraded to B3 with a stable outlook.

C&M is Korea's third largest multi-system cable television operator ("MSO") based on subscribers (2.27 million as at December 2010). C&M owns 15 affiliated system operators ("SO") each of which are a monopoly or duopoly provider in their respective service regions. The company also provides internet access service to 0.49 million subscribers and Voice over Internet Protocol (VoIP) services to more than 0.2 million.

In March 2008 C&M was acquired by a consortium (the "Consortium") of financial and strategic investors led by MBKP and MKOF. Following the acquisition, 93.8% of shares in C&M are held through a special purpose vehicle, KCI which is in turn wholly owned by the Consortium.

Hong Kong
Laura Acres
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Hong Kong
Peter Choy
Senior Vice President
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's Investors Service Hong Kong Ltd.
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Moody's affirms C&M's ratings at B3/stable
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