Moody's may downgrade Sazka

Moody's Investors Service said it placed the Baa2.cz long-term national scale rating of Sazka, as on review for possible downgrade as a result of concerns over the company's potentially tight liquidity profile in 2009 largely due to a significant debt repayment schedule and limited headroom for drawing additional debt.

The review will focus on the steps Sazka takes to manage its liquidity position, its ability to generate internal cash under constrained credit line conditions and its capacity to decrease dividend payments to shareholders, the agency said.

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