S&P rates Polish TV, notes B-

Standard & Poor's said that it assigned Polish Television Holding BV a B- long-term corporate credit rating and the company's $260 million senior secured notes due 2017 a B- rating.

The outlook is stable.

The notes will be used to refinance the company's existing $240 million senior secured facility and cover $10 million of transaction costs.

The ratings reflect S&P's view of the company's credit exposure to its 51.7% owned subsidiary TVN SA; lack of asset diversification; the expected volatility of dividends from TVN, which represent PTH's main source of income to service its debt; and its limited capacity to source additional debt or equity funding if needed, S&P said.

The company's adequate liquidity profile and TVN's improving operations should support the ratings over the next few years, the agency said.

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