S&P rates Adria Bidco notes B

Standard & Poor's said it assigned a B long-term corporate credit rating to Adria Bidco BV, along with a B rating to its €475 million senior secured notes.

The outlook is positive.

The ratings reflect the company's aggressive financial risk profile and fair business risk profile, S&P said.

The group is well positioned in the Former Yugoslav telecommunications markets, notably in Serbia and Slovenia, the agency said.

This is evident from the group's leading share in the local pay-TV markets and sizable share of the broadband Internet market, S&P said.

The group's superior content and broadband speeds compared with its main competitors is viewed as a competitive advantage that is reflected in relatively low subscriber churn, the agency said.

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