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Summary: Central European Media Enterprises Ltd. Nov 11
Standard & Poors, Nov 2011
Abstract
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 CME's liquidity will weaken over the coming quarters, owing to the company's upcoming debt maturities and the increasing risk of earnings volatility, resulting from the weak European economic outlook. The ratings incorporate CME's high concentration of profitability in a single TV channel in the Czech Republic (foreign currency AA-/Stable/A-1+; local currency AA/Stable/A-1+), in TV channels in Romania (foreign currency...
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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