S&P lifts Metelem

Standard & Poor's said it raised the long-term corporate credit rating on Metelem Holding Co. Ltd. to BB- from B+.

Metelem is the parent company of Polkomtel SA.

The outlook is stable.

The agency also said it raised the ratings on Metelem's unsecured and payment-in-kind notes to B from B-.

The upgrades reflect an improvement in Metelem's credit metrics and covenant headroom following the partial prepayment and refinancing of its senior secured loans, S&P said.

The company's debt reduction will more than offset any potential weakness in operating performance or foreign-exchange fluctuations over the next couple of years, the agency said.

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