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Central European Media Enterprises Ltd. Nov 11
Standard & Poors, Nov 2011
Abstract
Leading market positions. High technical barriers to market entry. Established locally produced content. Weak cash flow generation and high leverage. Fragile liquidity position in view of the weak economic outlook in Europe and difficult financial markets. Exposure to foreign exchange movements. High concentration of revenue from a single channel. Potential for regulatory change and political uncertainty in emerging markets. The ratings on Bermuda-registered emerging markets TV broadcaster Central European Media Enterprises Ltd. (CME) are constrained by the company's weak cash flow generation, high leverage resulting from its past acquisition policy, and the difficult advertising and economic environment that has affected many of its business units. In Standard & Poor's Ratings Services' view, the ratings also reflect the increasing possibility that...
Companies mentioned in this report are: Central European Media Enterprises Ltd.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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