S&P downgrades NWR to 'B+' from 'BB-' with stable outlook. S&P says, “The downgrade reflects NWR’s very weak results in the 4Q12 and our forecast that its S&P’s-adjusted debt to EBITDA may increase to about 5.0x in 2013, compared with the 3.0x-3.5x that we see as commensurate with the previous ‘BB-’ rating.” /slightly NEGATIVE; We expect EBITDA to fall to 160 mln. EUR (from 223 in 2012) leads to a net loss of about -50 mln. EUR in 2013, also net debt of NWR was 551 mln. EUR. Our Target Px is 70 CZK a share; It seems that S&P must count with even lower EBITDA than we do.