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S&P lowers Central European Media
Standard & Poor's said it lowered the long-term corporate credit rating on Central European Media Enterprises Ltd. to B- from B.
The outlook is negative.
The agency also said it lowered to B- from B the rating on the €170 million senior secured notes due 2017 issued by the company's subsidiary CET 21 spol sro, along with the ratings on its $130 million senior secured convertible notes due 2013, €375 million notes due 2016 and €148 million notes due 2014 to CCC+ from B-.
The downgrades mainly reflect a view that the company could have difficulties repaying its $130 million debt maturity due in March 2013, as well as its €148 million bond due in May 2014, S&P said.
The group also is expected to face difficulties refinancing this maturity over the coming months, the agency said, and that any debt restructuring plan, if considered, could be viewed as a default, the agency said.
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