Moody's rates Antenna TV notes B1

Moody's Investors Service said it assigned a prospective B1 rating to Antenna TV SA's proposed new issue of €120 million of senior notes due 2015. The outlook is negative.

Moody's said the rating continues to reflect Antenna TV's leading position in the Greek television broadcasting market and the resulting high share of advertising revenues, continuing growth potential for Greek TV advertising and the company's strength in Greek program production.

However, Moody's said ratings are tempered by relatively high, if improving net debt leverage of 6.4x EBITD at the 2003 year end (5.7x on an last-12-months basis as of Sept. 30), the cyclicality of the business and vigorous competition in the Greek TV market.

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