Moody's affirms Central European

Moody's Investors Service said it confirmed the B3 corporate family and probability of default ratings of Central European Media Enterprises Ltd.

The outlook is positive.

Moody's also confirmed the Caa1 senior floating-rate notes due 2014 and the Ba3 senior secured notes due 2017 assigned at the CET21 level.

Moody's said the corporate family rating is supported by its successful debt reduction, with Moody's adjusted leverage falling to 7x from 8.1x at the end of December 2011 on a pro-forma basis.

In addition, Central European emerged from the transaction with an improved liquidity profile, as the company repaid most of its March 2013 convertible bond.

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