Moody's cuts Antenna TV

Moody's Investors Service said it downgraded the corporate family rating of Antenna TV SA to B2 from B1 and its €120 million senior unsecured notes due 2015 to B2 from B1.

The outlook is stable.

Moody's said the downgrade reflects the magnitude of the downturn in the TV advertising market in Greece, together with the decline in the company's total and prime-time audience shares in recent years.

This weakness has been mitigated by Antenna's strong net cash position, the agency said.

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