Moody's cuts Cyfrowy Polsat CFR to Ba3

Moody's Investors Service said it downgraded Cyfrowy Polsat SA's corporate family rating to Ba3 from Ba2 and probability of default rating to Ba3-PD from Ba2-PD.

The outlook is stable.

This action concludes the review process that was initiated on Nov. 19 following the announcement that Polsat agreed to acquire Metelem Holding Co. Ltd., the ultimate parent of Eileme 2 AB (publ) (Polkomtel Ba3 stable).

Moody's said Polsat's Ba3 reflects: (a) The company's strong positions in both its free to air and Pay TV segments; (b) the company's good liquidity with an extended maturity profile and positive free cash flow generation (FCF/debt of 11.4% in 2013 pro-forma the combined group); and (c) the increased scale of the combined group.

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