S&P cuts outlook on Czech TV Novas owner.

By bne IntelliNews November 21, 2011
Standard & Poors has cut its outlook on Central European Media Enterprises (CME), owner of Czech broadcaster TV Nova, to negative from stable on expected weaker liquidity, the rating agency said in a statement. S&P affirmed the 'B' long-term corporate credit rating (CCR) on CME. The outlook downgrade reflects the agencys view that CME's liquidity will weaken over the coming quarters due to the company's upcoming debt maturities and the increasing risk of earnings volatility because of the weak European economic outlook. We believe that the more challenging macroeconomic environment in Europe and the increasing likelihood of a double-dip recession put at some risk CME's capacity to improve its operating performance in 2012, S&P said. The agency affirmed the 'B' issue rating on the EUR 170mn senior secured notes due 2017 issued by CME's subsidiary CET21 and the 'B-' issue rating on CME's USD 130mn senior secured convertible notes due 2013, EUR 375mn notes due 2016, and EUR 148mn notes due 2014.
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