S&P ups Matav to A-

Standard & Poor's said it raised its long-term corporate credit rating on Magyar Távközlési Rt. (Matáv) to A- from BBB+. The outlook is stable.

S&P said the upgrade is in line with that of Matáv's majority shareholder, Deutsche Telekom AG (A-/stable/A-2).

Deutsche Telekom owns 59.2% of Matáv, which creates significant rating linkage between the two companies.

S&P said the rating on Matáv will continue to factor in this ownership and should move in step with the rating on the parent company for as long as the Hungarian company is considered a strategically important investment.

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