Moody's rates EuroTel loan

Moody's Investors Service assigned a Ba2 rating to EuroTel Bratislava AS's SLK5 billion senior unsecured credit facilities due 2009. The senior implied rating and unsecured issuer rating are both at Ba2.

Moody's also changed the outlook to positive from stable.

Moody's said any further strengthening of the company's ratings is predicated on additional clarity regarding the company's ultimate strategic direction and use of cash flows, including dividends, supported by continued strong operating performance and a more established track record of cash flow generation.

The ratings reflect Moody's expectation that the company will not seek to invest cash flows into diversifying the business outside of Slovakia or the mobile telecommunications industry.

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