Moody's ups Antenna view to stable

Moody's Investors Service said it changed the outlook for the ratings of Antenna SA to stable from negative following the recent release of 2004 results.

Ratings affected include the senior implied rating of B1, the senior unsecured issuer rating of B1, the €150 million 9.75% senior unsecured notes due 2008 rated B1 (€8.6 million outstanding) and the €120 million 7.25% senior unsecured notes due 2015 rated B1.

Moody's said the outlook stabilization reflects the improvements that the company has made in its operational performance and Moody's belief that the company will aim to maintain leverage at reduced levels in the future. It further factors in Moody's expectation that Antenna can maintain its leading position is terms of audience and advertising shares in the Greek TV market and that cash outflows for programming remain relatively stable and closely related to the related P&L amortization.

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