S&P ups Netia outlook to stable

Standard & Poor's said it revised to stable from negative its outlook on Netia SA, following the publication of full-year results and the announcement of the planned sale of its 23.4% stake in P4 Sp. zoo.

The cash proceeds will be used to fund its broadband strategy until free cash flow breaks even in 2010, the agency said.

At the same time, S&P said it affirmed its B long-term corporate credit rating on the company.

The agency added that the rating reflects Netia's negative and weakening free operating cash flow profile, high business risk in light of substantial competition, high start-up costs associated with its broadband strategy and declining traditional voice business.

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