S&P lifts EuroTel from junk

Standard & Poor's said it raised its long-term corporate credit and senior unsecured bank loan ratings on EuroTel Bratislava as to BBB- from BB and removed the ratings from CreditWatch following the company's buyout by Slovak Telecom as. The outlook is stable.

S&P said the rating actions reflect the recent purchase by Slovak Telecom, the incumbent fixed-line operator in Slovakia, of the remaining 49% stake in EuroTel that it did not already own. This move increases Slovak Telecom's ownership stake in EuroTel to 100%.

The ratings were originally placed on CreditWatch on Sept. 28 when Slovak Telecom first announced its intention to purchase the remaining 49% in EuroTel that it did not already own from the Atlantic West BV consortium, which is controlled equally by Verizon Communications Inc. (A+/negative/--) and AT&T Wireless Services Inc. (A/negative/--).

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