Moody’s ups Central European Media to B2

Moody's Investors Service said it upgraded Central European Media Enterprises Ltd.'s (CME) corporate family rating to B2 from Caa1 and probability of default rating to B2-PD from Caa1-PD.

The rating outlook is stable.

"The upgrade of CME's ratings to B2 recognizes the notable improvement in the company's operating performance over the past two years, including a reduction in leverage and the generation of positive free cash flow. The upgrade also reflects the company's improved liquidity profile following its recent refinancing, as well as the track record of continued support from Time Warner," Alejandro Núñez, Moody's vice president, senior analyst and lead analyst for the issuer, said in a news release.

Central European Media’s largest shareholder is Time Warner Inc. (Baa2, stable), which owns a 49.4% voting interest and a 76% diluted economic interest in Central European Media. The ratings reflect the standalone corporate credit quality of Central European Media and do not incorporate any explicit guarantees from Time Warner.

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