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Rating Action:

Moody's places ONO's ratings on review for possible upgrade (Spain)

05 Jul 2011

Madrid, July 05, 2011 -- Moody's Investors Service has today placed the B3 corporate family rating (CFR) and probability of default rating (PDR) of Cableuropa, S.A.U. ("ONO") on review for possible upgrade. Moody's has also placed on review for possible upgrade the B2 rating on the EUR700 million worth of senior secured notes due in 2018 issued by Nara Cable Funding Limited ("Nara"), which the company has announced it is proposing to increase through a EUR300 million tap offering. Concurrently, Moody's has also placed on review for possible upgrade the Caa2 ratings on the existing EUR295 million and USD225 million worth of senior unsecured notes due in 2019 issued by ONO Finance II Plc.

ONO intends to use the proceeds from this tap offering to repay an equal amount of indebtedness under the company's senior secured bank facilities.

RATINGS RATIONALE

"Today's rating action follows the company's announcement that it intends to launch an add-on offering of approximately EUR300 million of Senior Secured Notes due 2018, and reflects the progress that the company has made over the past year or so in extending its debt maturity profile and reducing its refinancing wall in 2013-14," says Iván Palacios, a Moody's Vice President -- Senior Analyst and lead analyst for ONO.

"Including the proposed bond issuance, if successful, ONO will have issued around EUR1.5 billion worth of bonds since October 2010. This is a substantial amount, which will help the company to ease the refinancing of the remaining amounts outstanding under its senior bank facility," explains Mr. Palacios.

The transaction will have a neutral impact on ONO's leverage, which stood at around 5.2x for the last 12 months ended March 2011 on a Moody's adjusted debt/EBITDA basis. However, ONO's debt maturity wall in 2013 remains large, at around EUR1.9 billion, and Moody's will continue to monitor further efforts by the company to reduce its refinancing risk.

"The review process will focus on (i) the company's ability to successfully close the proposed transaction and (ii) the near term operating performance of the company, including the execution of the business plan against the backdrop of the tough economic environment in Spain," says Mr. Palacios.

ONO's ratings will likely be upgraded by one notch if the bond issuance is closed successfully and the performance of the company in Q2 2011 as well as its prospects for the remaining of the year are in line with Moody's expectations.

Today's action places ONO's ratings on review for possible upgrade and Moody's does not currently expect negative pressure to be exerted on the rating. However, downward rating pressure could arise as a result of (i) a failure by ONO to deliver operational performance that is in line with Moody's estimates; or (ii) the re-emergence of liquidity concerns, if ONO fails to proactively address the refinancing of its 2013 debt maturities.

PRINCIPAL METHODOLOGY

The principal methodology used in rating Cableuropa S.A.U. was the Global Cable Television Industry Methodology published in July 2009. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009.

Headquartered in Madrid, Cableuropa, S.A.U. (ONO) is Spain's largest cable operator and leading alternative provider of telecommunications, broadband and internet and pay-TV services. It is the only cable operator with national coverage. In FY 2010, ONO reported revenues of around EUR1.5 billion and EBITDA of EUR725 million.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the three years preceding the credit rating action. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Madrid
Ivan Palacios
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Espana, S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Paloma San Valentin
MD - Corporate Finance
Corporate Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Investors Service Espana, S.A.
Calle Principe de Vergara, 131, 6 Planta
Madrid 28002
Spain
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's places ONO's ratings on review for possible upgrade (Spain)
No Related Data.
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