S&P puts Polkomtel on watch

Standard & Poor's said that it placed the BBB+ long-term and A-2 short-term corporate credit ratings on Polkomtel SA on CreditWatch with negative implications.

The BBB+ issue rating on the euro medium-term note program recently established by Polkomtel's finance subsidiary Polkomtel Finance AB was also placed on CreditWatch with negative implications.

The CreditWatch negative placements reflect the view that Polkomtel's capital structure is likely to become materially more leveraged following a potential change in ownership, the agency said. Polkomtel's shareholders have signed a preliminary agreement for the sale of Polkomtel to Zygmunt Solorz-Zak, a Polish businessman and majority owner of Polish broadcaster Cyfrowy Polsat SA (BB-/stable), the agency added.

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