Standard & Poor's Ratings Services raised its long-term corporate credit rating on (1 870 CZK, 0,27%) to 'BB' from 'BB-'. The outlook is stable. At the same time, the senior secured debt rating was raised to 'BB-' from 'B+'. The upgrade reflects the group's steadily growing earnings base and corresponding reduction in financial leverage. According to S&P , the ratio of fully adjusted total debt to EBITDA should remain comfortably below 4x (the group's stated leverage ceiling). Further rating upside is currently restricted by the scope of CME's continuing investment in more volatile markets such as Ukraine.
Our view: We expect a slightly positive market reaction to the news.