Dla inwestorów

Home > News > Current reports > 83/2013 Standard and Poor’s rates TP S.A.’s long term credit at ‘BBB’, with a stable outlook - Orange Polska

83/2013 Standard and Poor’s rates TP S.A.’s long term credit at ‘BBB’, with a stable outlook - Orange Polska

Pursuant to art. 5, clause 1, item 26 of the Decree of the Minister of Finance of 19 February 2009 on current and periodic information disclosed by issuers of securities and conditions for recognising as equivalent information required by the laws of a non-member state (Journal of Laws of 2009 No. 33, item 259, with amendments) the Management Board of Telekomunikacja Polska S.A. (“TP S.A.”) informs about the change of debt rating.

Standard and Poor’s rates TP S.A.’s long term credit at ‘BBB’, with a stable outlook

August 1, 2013: Standard and Poor’s Rating Service rated the long-term corporate credit rating of Telekomunikacja Polska S.A. at BBB (with a stable outlook), down by one level from the previous rating of BBB+. In its rationale, the agency mentioned that the downgrade is driven by significant drop in its EBITDA and cash flows in the first half of 2013, as well as by the anticipated significant cash outflows over the next 12 months, including 4G spectrum acquisition, which the agency assumes will push up adjusted leverage to about 2.0x (indicator debt/EBITDA). The S&P anticipates further deterioration of the Group’s financial performance, however at a slower pace, as it expects the mobile market to stabilise over the next 12 months. The stable outlook reflects the S&P view, that TPSA's solid balance sheet will limit additional burdens on the rating over the next 24 months.

The full text of the rating agency announcement is placed on its web page.

Top of page

Orange Polska SA* share price