March 20 -
Summary analysis -- NDS Group Ltd. -------------------------------- 20-Mar-2012
CREDIT RATING: BB-/Watch Pos/-- Country: United Kingdom
Primary SIC: Computer related
Credit Rating History:
Local currency Foreign currency
6-Oct-2011 BB-/-- BB-/--
17-Feb-2011 B+/-- B+/--
Standard & Poor’s Ratings Services placed its long-term rating on U.K.-based NDS Group Ltd. (NDS), a leading provider of digital media content security solutions for pay-TV platforms worldwide, on CreditWatch with positive implications on March 20, 2012. The CreditWatch placement follows the announcement by U.S.-based technology firm Cisco Systems Inc. (A+/Stable/A-1+) of its intention to acquire 100% of NDS for about USD5billion, including debt and retention-based incentives.
We also placed the issue ratings on subsidiary NDS Finance Ltd.’s loans and RCF on CreditWatch with positive implications because we anticipate that Cisco would repay them entirely in cash on the deal’s close.