S&P upgrades Metelem

Standard & Poor's said it raised the long-term corporate credit rating on Metelem Holdings Co. Ltd. to BB from BB-.

S&P also said it raised the rating on Metelem's unsecured and payment-in-kind notes to B+ from B.

The outlook is stable.

The upgrades follow the meaningful progress that Polish media group Cyfrowy Polsat SA has made toward the completion of its acquisition of Metelem, S&P said.

The upgrades reflect Metelem's position as a core subsidiary to its future parent, Cyfrowy Polsat, the agency said.

Metelem's stand-alone credit profile also was revised upward to BB from BB-, reflecting that Metelem's leverage will fall to less than 4x in the short term, S&P said.

The ratings also consider the company's solid position as one of the three dominant Polish wireless carriers, the agency said, and the leader in the contract mobile segment.

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