S&P rates Pay notes B+, B-

Standard & Poor's said it assigned a B+ long-term corporate credit rating to Play Holdings 2 Sarl.

The agency also said it assigned a B+ rating to the €630 million-equivalent senior secured notes due 2019 issued by Play Finance 2 SA.

S&P also assigned a B- rating to the €270 million senior unsecured notes due 2019 issued by Play Finance 1.

The outlook is stable.

The ratings reflect the company's aggressive financial risk profile and fair business risk profile, S&P said, as well as the group's significant exposure to currency mismatch risk.

The ratings also consider the company's solidifying position as the No. 4 mobile network operator in Poland with relatively significant subscriber market share of more than 18%, representing more than 10 million subscribers, the agency said.

The ratings are constrained by its lack of operating diversity as it relies on a single market in a single country, S&P said.

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