LONDON: Virgin Media's debt rating has been downgraded from "stable" to "negative" by credit rating agency Moody's Investors Service - just as the struggling UK cable firm unveiled plans to roll-out its less-than-fizzing brand across Europe.
Moody's cited Virgin's recent net loss of 70,300 subscribers as the main reason for its decision. Other factors were the ongoing dispute with BSkyB and a dip in group revenues.
The rating agency said it doesn't expect VM to move into positive net subscriber additions this year, adding that it continues to perform below post-merger expectations
The company also claims that similar Virgin Media licensing deals are expected to follow in other European markets.
Data sourced from multiple origins; additional content by WARC staff