Fitch rates Play Finance notes BBB(pol)

Fitch Ratings said it expects to assign a national long-term rating of BBB-(pol) to P4 Sp zoo with a positive outlook.

The agency also said it assigned an expected rating of BBB(pol) to Play Finance 2 SA's proposed senior secured floating-rate notes.

The expected national rating assumes the successful completion of P4's refinancing/recapitalization activity, including the issuance of expected senior secured and unsecured notes, repayment of existing bank debt and the payment of a shareholder dividend of 1.3 billion in Polish zloty, Fitch said.

P4 has proven a nimble and fast-growing challenger in the Polish mobile market, establishing itself as a strong brand with an easily understood service message and competitive distribution network, the agency said.

Revenues and cash flows demonstrate strong growth with the company exhibiting improving margins and positive free cash flow, Fitch said.

The ratings are constrained by some uncertainty over future financial policy, the pace of growth, market position among competitors and the currency mismatch of the proposed debt structure, the agency said.

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