S&P ups Central European Media

Standard & Poor's said it raised its long-term corporate credit rating on Central European Media Enterprises Ltd. to BB from BB-.

The outlook is stable.

At the same time, the senior secured debt rating was raised to BB- from B+, the agency said, noting that the upgrade reflects the group's steadily growing earnings base and corresponding reduction in financial leverage.

S&P added that Central European Media continues to see good rates of growth in its TV advertising markets, benefiting from an improving business environment.

In addition, the group has increased its equity control of operations in all markets except the Ukraine to between 80% and 100%, the agency said.

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