S&P puts Antenna TV on developing watch

Standard & Poor's said it placed the B long-term corporate credit rating on Antenna TV SA on CreditWatch with developing implications, following the announcement that Antenna has agreed to sell Nova Televizia to Modern Times Group MTG AB for about €620 million in cash.

Proceeds are expected to be used for expansion plans.

Ratings will depend on the size and creditworthiness of the asset or assets that Antenna decides to buy or invest with sale proceeds, the agency said.

Ratings also will depend on the group's financial policy, capital structure and liquidity once it has completed its expansion plans, S&P noted.

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