The revenues of Romania’s RCS&RDS are likely to have fallen in 2014, according to the ratings agency Standard & Poor’s.

Quoting the report, ZF says that this was due to the sale of its assets in Slovakia to Deutsche Telekom and a continual decline in satellite TV transactions.

However, the agency maintained a BA rating and a stable outlook for RCS&RDS, which besides being the leading cable and DTH operator in Romania also has interests in other CEE markets, principally Hungary.

Standard & Poor’s also says it expects modest organic revenue growth at RCS&RDS over the next few years thanks to an increase in the number of customers receiving internet and TV services.

The ratings agency expects RCS&RDS’s EBITDA in 2014 will have been in the region of 31-33%.

This is moderate by European standards, given that 80% of the company’s revenues are derived from fixed line operations, which tend to be more profitable.