Fitch upgrades P4 to BB-

Fitch Ratings said it upgraded P4 Sp. zoo's long-term issuer default rating to BB- from B+ and affirmed its national long-term rating at BBB-(pol)/stable.

At the same time, the agency assigned a final rating of B-/RR6 to Play Topco SA's PIK Toggle notes.

Fitch said the upgrade takes into account P4's consistently strong market performance, having steadily transformed itself from market challenger to the market number-two by subscriber numbers. Operational strength has been accompanied by solid financial results, including double-digit revenue growth, solid margin expansion and strong underlying free cash flow.

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