S&P cuts Polkomtel

Standard & Poor's said it lowered the long-term corporate credit rating on Polkomtel SA to B+ from BB+.

The rating also was removed from CreditWatch, where it was originally placed with negative implications in July.

The outlook is stable.

The short-term corporate credit rating on Polkomtel was affirmed at B. The BBB+ rating on its euro-medium term note program was removed from CreditWatch and withdrawn following the acquisition of 100% of the notes by Polkomtel's new owner.

The downgrade primarily reflects a view of Polkomtel's material debt burden and high leverage following its recent acquisition by Spartan Capital Holdings Sp. zoo and an expectation of a relatively slow pace of deleveraging over the medium term.

Polkomtel's financial risk profile is now considered as highly leveraged, S&P said.

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