S&P affirms Antenna TV

Standard & Poor's said it affirmed its B long-term corporate credit and all debt ratings on Antenna TV SA following the completion of the group's sale of Nova Televizia to Modern Times Group MTG AB for about €621 million in cash.

The outlook is stable.

At the same time, the agency said it removed the ratings from Creditwatch with developing implications, where they had been placed on July 31.

The affirmation mainly reflects the group's very strong liquidity position following the receipt of the Nova TV sale proceeds, which mitigates the poor operating and financial performance of the Greek Antenna channel, S&P said.

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