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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Petrol who wrote (36650)	3/4/2002 8:46:36 AM
From: Softechie	Read Replies (1) of 99280

Debts servicing is main concern... Moody's may cut Telewest's rating on growth worries LONDON, March 4 (Reuters) - Ratings agency Moody's Investors Service said on Monday that it was putting British cable company Telewest plc (quote from Yahoo! UK & Ireland: TWT.L) on review for possible downgrade on worries about the company's ability to sevice its debts. Moody's said it was concerned about Telewest's ability to grow cash flow to a level sufficient to sevice its growing debt burden. The ratings agency also said that Telewest's ability to grow into its capital structure appeared highly uncertain. The review reflects Telewest's overall declining revenue growth trends, continued high levels of cash burn and weakened access to the capital markets, Moody's added. The ratings affected are Telewest Communications Networks Ltd Ba2 senior secured bank facility, Telewest Communications Ba3 senior implied rating, B2 senior unsecured issuer rating and B2 senior unsecured bond rating. Moody's added that the considerable decline in the value of European cable assets over the past year was likely to have reduced the asset protection afforded to bondholders.

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