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Rating Action:

Moody's assigns (P)B1 rating to TVN's new EUR175 million senior unsecured notes

08 Nov 2010

London, 08 November 2010 -- Moody's Investors Service has today assigned a provisional (P)B1 rating to the proposed EUR175 million senior unsecured notes due 2018 to be issued by TVN Finance Corporation III AB, a wholly owned finance subsidiary of TVN S.A. ("TVN"). TVN's corporate family rating (CFR) is B1, with a stable outlook.

Moody's understands that TVN intends to use the proceeds from the notes to (i) repay outstanding amounts under the PLN500 million unsecured bonds due in June 2013 and (ii) collateralise outstanding amounts under its PLN200 million loan facility, currently used for guarantee purposes, with the proceeds from the new notes. The company has stated in its prospectus that (i) it intends to keep the portion of funds to be used to repay the PLN notes in separate accounts until the earliest call date, expected to be 14 June 2011; and (ii) the loan facility will be cancelled.

RATINGS RATIONALE

The (P)B1 rating on the new notes -- in line with the CFR -- reflects their unsecured position within TVN's capital structure, as well as their pari passu ranking with TVN's existing senior unsecured notes due in 2017. Both the new and existing notes will share the same guarantee and covenant package. As of 30 September 2010, the guarantor group represented at least 90% of TVN's EBITDA, net income and assets.

Subsequent to the transaction TVN's capital structure will consist of an all-bond structure and the group will be subject to, among other restrictions, an incurrence-based covenant restriction at 5.5x consolidated debt/EBITDA and associated carve-outs, including a general basket not to exceed EUR75 million. The B1 CFR of TVN incorporates Moody's expectation that TVN will not take advantage of its flexibility with regard to debt incurrence, as the group currently benefits from a relatively good level of liquidity and cash on the balance sheet. Moody's expects TVN's dividend policy to remain between 30% and 50% of annual net profits and any acquisitions to be of an add-on nature going forward. The B1 CFR is also cognizant of the fact that TVN is a publicly listed company, majority owned and controlled by the ITI Group, itself holding a meaningful amount of external debt.

TVN has demonstrated success in further diversifying its revenue base, from TV advertising and carriage fees from the production of TV content into subscription-based revenues from pay TV, thanks to its acquisition of the DTH satellite platform "n". In addition, the group has slightly improved its already strong market position in the Polish TV market. However, the B1 CFR continues to incorporate the evolution of TVN's business risk as a result of the acquisition of "n", which remains in the early stages of development. Moody's notes that "n" has made good progress and exceeded TVN's expectations in terms of subscriber acquisitions as well as revenue and EBITDA performance. However, the rating agency also understands that "n" is expected to remain a negative contributor to the group in terms of cash flow generation for 2010.

Moody's notes that TVN's financial profile has improved in 2010 as the TV advertising market has shown signs of stabilisation and recovery. The stable outlook reflects Moody's expectation that TVN will gradually return to sustainable positive free cash flow generation - having taken into account the company's current dividend policy of distributing 30% of net profits - as the market continues to recover, "n" gradually becomes EBITDA breakeven and improves its cash flow profile.

A return to sustainable free cash flow generation, combined with leverage falling sustainably below 4.5x, could exert positive pressure on the rating of TVN. However, Moody's notes that with all of TVN's debt now denominated in euros, the group remains exposed to adverse currency movements, potentially constraining positive pressure on its rating.

Negative pressure could be exerted on the rating as a result of a deterioration in TVN's operating performance, leading to an increase in leverage, such that the group's debt/EBITDA ratio moves above 5.5x.

Moody's previous rating action on TVN was implemented on 26 April 2010, when a B1 rating was assigned to TVN Finance Corporation II A.B.'s senior notes worth approximately EUR148 million and due in 2017, issued to the parent company of TVN S.A., ITI Group, in March 2010.

The principal methodology used in rating TVN was Moody's "Global Broadcast Industry Rating Methodology", published in June 2008.

Headquartered in Warsaw, TVN is one of the leading television broadcasters in Poland. The company also owns and operates Poland's leading internet portal, Onet.pl, and Pay-TV DTH operator "n". In the nine months to 30 September 2010, the company reported net revenues of approximately PLN1.7 billion and EBITDA of PLN425 million. TVN is publicly listed in the Warsaw Stock Exchange, majority owned -- with 56.45% interest -- and controlled by the ITI Group.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of assigning a credit rating.

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Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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London
Alexis Foret
Analyst
Corporate Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Chetan Modi
Senior Vice President
Corporate Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Investors Service Ltd.
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United Kingdom

Moody's assigns (P)B1 rating to TVN's new EUR175 million senior unsecured notes
No Related Data.
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