S&P cuts Antenna TV

Standard & Poor's said it lowered its corporate credit and senior unsecured debt ratings on Antenna TV SA to B from B+, due to the company's ongoing weak operating performance and very aggressive financial profile.

The outlook is stable.

The agency said that the rating action follows Antenna's weaker-than-expected performance in the third quarter of 2006, compounding the company's already poor performance since the fourth quarter of 2005.

According to S&P, the ratings on Antenna continue to reflect the company's limited free cash flow generation, very aggressive financial profile, reliance on cyclical advertising revenues and high programming costs.

These factors are partially offset by Antenna's leading position in the small but growing Greek television broadcasting market, regulatory barriers to entry and by the company's adequate liquidity, the agency noted.

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