Fitch rates PPF Arena debt BBB-

Fitch Ratings said it assigned PPF Arena 1 BV a long-term issuer default rating and senior unsecured rating of BBB-.

The outlook is stable.

“The rating of PPF Arena 1 reflects the strong position of its incumbent telecoms assets in the Czech Republic (CR) and its leading mobile position in three central and eastern European (CEE) markets,” the agency said in a news release.

“Funds from operations (FFO)-adjusted net leverage is likely to temporarily exceed our negative sensitivity of 4.0x for the rating in 2019 before declining to this level within the next 12-18 months. This leaves limited headroom within the rating to absorb unforeseen financial and operational pressures.”

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