S&P ups Sazka

Standard & Poor's said it raised its long-term corporate credit rating on Sazka a.s. to B+ from B.

The outlook is stable.

At the same time, the debt rating on Sazka's €215 million secured amortizing bonds was also raised to B+ from B, in line with the corporate credit rating, the agency said.

S&P added that the upgrade reflects the successful registration of the remaining mortgages on the assets comprising part of the security package while it also reflects that Sazka Arena operations' net profits have reached breakeven.

The ratings continue to reflect the company's aggressive financial leverage, which has been further worsened by the July 2006 refinancing and increased leases, due to the development of new gaming activities.

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