S&P lifts Central European Media

Standard & Poor’s said it raised the corporate credit rating on Central European Media Enterprises Ltd. to B+ from B-.

The outlook is stable.

The agency also said it raised the rating to B+ from B- on the €240 million senior secured notes due 2017 issued by subsidiary CET 21 spol.sro.

Once the notes are repaid on or shortly after Dec. 14, the ratings will be withdrawn.

The upgrade follows recent news that the company’s key shareholder, Time Warner, has provided guarantees and a commitment letter to help Central European Media refinance much of its outstanding public debt, S&P said.

Time Warner currently has about 68% economic interest in Central European Media, but it also owns options and warrants that could raise its economic interest in that company to 75%, the agency said.

Central European Media is now considered to be strategically important to Time Warner, S&P said.

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