Moody’s changes Cyfrowy Polsat to positive

Moody's Investors Service said it affirmed Cyfrowy Polsat SA's Ba3 corporate family rating and Ba3-PD probability of default rating, and changed the outlook to positive from stable.

The Ba3 corporate family rating, Ba3-PD probability of default rating and B2 ratings on the €542.5 million and $500 million senior subordinated notes due in 2020 issued by Eileme 2 AB (publ), a subsidiary of Cyfrowy Polsat that indirectly owns 100% of Polkomtel, remain unchanged with a stable outlook.

"Changing the outlook on Polsat's ratings to positive primarily reflects the benefits the company derived from refinancing most of its debt through a cheaper Polish zloty-denominated facility," Ivan Palacios, Moody's vice president, senior credit officer and lead analyst for Cyfrowy Polsat, said in a news release.

"The change in outlook to positive also reflects the expected improvement in credit metrics over the next 12-18 months to levels that could support an upgrade to Ba2."

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