S&P: Cyfrowy Polsat on positive watch

Standard & Poor’s said it placed the BB long-term corporate credit rating on Cyfrowy Polsat SA on CreditWatch with positive implications, along with the BB long-term corporate credit rating on Metelem Holding Company Ltd.

The agency said it placed on positive watch the BB rating on Cyfrowy Polsat’s 2.5 billion in Polish zloty term loan and 500 million in Polish zloty senior secured revolving credit facility, as well as a B+ issue rating on the €542.5 million and $500 million high-yield bonds issued by Eileme 2, Metelem’s financing vehicle.

The positive watch reflects expectations that the contemplated refinancing of the group’s existing debt would provide the company benefits that include access to Metelem’s cash flows, reduction of currency risk and lower cost of debt, S&P said.

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