Debt Levels Post VOC Merger

I've noticed some mixed signals with regards to MTU's 'investment grade' credentials.

1. Montgomery said they sold out of MTU mid 2014 because it was 'no longer investment grade': http://rogermontgomery.com/does-mtu-offer-value/#comment-204907.

2. Montgomery were again holders on 23rd of Sept, but by then MTU debt levels and interest cover were significantly worse: http://rogermontgomery.com/consumer-broadband-brief-market-overview/

As debt levels always concern me, I wonder if anyone has any views on how appropriate they will be post VOC merger - they still look like they will be very high for an already high PE share (> 100% market cap), but Montgomery have obviously changed their assessment of the risk involved.

Please, no posts about Montgomery as I was just using them to illustrate differing/changing views, we all have our own thoughts on Fundies! Lets  just stick to MTU and their future leverage/risk.

Disclosure: This is still a hold/held for me for now as I still like their growth prospects.