Cyfrowy Polsat eyes downgrade
November 20, 2013 08.25 Europe/London By Chris Dziadul
Cyfrowy Polsat NewCyfrowy Polsat faces the possibility of a ratings downgrade following its recent agreement to buy Polkomtel.
In a statement, its management board says that Moody’s has placed “the ratings of Cyfrowy Polsat; corporate family rating (CFR) at Ba2, probability of default rating (PDR) at Ba2-PD and the Ba2 ratings of the senior secured notes due 2018 (issued by Cyfrowy Polsat Finance AB, a wholly owned Swedish subsidiary of Cyfrowy Polsat) under review for downgrade.”
It adds that Moody’s does not expect the downgrade o exceed one notch, providing the transaction is concluded as presented.
The review process will probably conclude when the first step of the acquisition closes.