Fitch affirms Telekomunikacja Polska

Fitch Ratings said it affirmed Telekomunikacja Polska SA's long-term issuer default rating at BBB+ and short-term issuer default rating at F2, along with the BBB+ rating on finance subsidiary TPSA Eurofinance France SA's euro-denominated bonds.

The ratings continue to reflect the company's solid positions in the Polish telecom market despite ongoing intense competitive pressures, particularly from cable TV operators in the fixed segment, Fitch said.

The ratings also consider the resilience of its financial profile in the face of challenging operational conditions, the agency said.

The ratings also factor in the risk that its cash flow generation could weaken materially in 2011 to 2012 due to the ongoing broadband investment program and the cost of acquiring fourth-generation mobile spectrum.

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