S&P gives New World Resources BB-, notes B

Standard & Poor's said it assigned its BB- long-term corporate credit rating to New World Resources BV.

The outlook is stable.

At the same time, the agency said it assigned a B senior unsecured debt rating to New World Resources's proposed €300 million senior unsecured notes, reflecting a high proportion of structurally senior debt.

The ratings on New World Resources reflect the company's aggressive financial policy following the planned Czech koruna 30 billion dividend payouts to shareholders in 2007, which increases the group's leverage substantially, S&P said.

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