S&P cuts Central European Media

Standard & Poor's said it lowered the long-term corporate credit ratings on Central European Media Enterprises Ltd. to BB- from BB, and its $475 million senior secured convertible notes due 2013, its €245 million notes due 2012 and €150 million notes due 2014 to BB- from BB.

Ratings were placed on CreditWatch with negative implications.

"The downgrade and CreditWatch placement primarily reflect Standard & Poor's assessment of a rapidly deteriorating operating environment at many of [the company's] business units, including very sharp declines recently in the local currencies of Central and Eastern European countries where [it] generates cash," S&P analyst Manuela Gabetta said in a statement.

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