S&P: Telekomunikacja Polska unaffected

Standard & Poor's said its BBB+ ratings and stable outlook on Poland-based Telekomunikacja Polska SA remain unchanged following the group's offer to purchase the remaining 34% stake in its mobile arm, PTK Centertel Sp. z o.o., from strategic shareholder France Telecom SA (A-/positive/A-2).

Telekomunikacja Polska will fund the Polish zloty 4.9 billion transaction with existing financial resources including available cash of Polish zloty 4.9 billion, S&P said.

At Sept. 30, 2005, pro forma for the transaction, the group's adjusted net debt to last nine months annualized EBITDA was 1.2 times and pro forma net debt to capital was 35.5%. This is in line with the group's policy of maintaining credit metrics of net debt to EBITDA of no more than 1.5 times and net debt to capital between 35% and 40% and is in line with the ratings, S&P said.

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