S&P ups EuroTel ratings

Standard & Poor's said it raised its long-term corporate credit rating on Slovak Republic-based mobile telecommunications operator EuroTel Bratislava AS to BB from BB- following the group's refinancing of its debt in Slovak koruna.

The outlook is stable.

At the same time, S&P assigned its BB long-term senior unsecured bank loan rating to EuroTel's Slovak koruna 5 billion syndicated credit facility. In addition, S&P withdrew its BB- senior unsecured debt rating on guaranteed subsidiary Slovak Wireless Finance Co. BV following redemption of Slovak Wireless' €175 million of debt with the proceeds from the new bank facility.

"The rating action primarily reflects the reduction of foreign exchange risk on EuroTel's debt given that the new bank facility is denominated in the local currency of Slovak koruna," said S&P credit analyst Michael O'Brien. "Furthermore, the upgrade reflects incremental improvements in the group's market and operational performance and EuroTel's success in protecting its solid market position and improving its subscriber market share."

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