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Moody's cuts Central European Media Enterprises
Moody's Investors Service said it downgraded the corporate family rating of Central European Media Enterprises Ltd. to B3 from B2 and its €148 million senior notes due 2014 to Caa1 from B3.
The rating on the €170 million senior secured notes due 2017 issued by CET 21 spol sro is unchanged at Ba3.
The outlook is stable.
The downgrade reflects the company's high financial leverage of more than 10x net adjusted debt-to-EBITDA as of December 2010 and its negative free cash flow profile, Moody's said.
The agency said meaningful deleveraging remains largely dependent on a still fragile recovery in Central and Eastern European advertising markets.
The ratings continue to recognize the strong competitive positions that the company enjoys in its markets, Moody's added.
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