ECONOMY

Moody’s ups Antenna

NEW YORK – Following the recent release of 2004 results, Moody’s Investors Service yesterday changed the outlook for the ratings of Antenna SA to stable from negative. The following ratings were affected: – Senior implied rating of B1; – Senior unsecured issuer rating of B1; – 150 million euros of 9.75 percent senior unsecured notes due 2008 rated B1 (8.6 million euros outstanding); – 120 million euros of 7.25 percent senior unsecured notes due 2015 rated B1; and – Outlook changed from negative to stable. The outlook stabilization reflects the improvements that the company has made in its operational performance and Moody’s belief that the company will aim to maintain leverage at reduced levels in the future. It further factors in Moody’s expectation that Antenna can maintain its leading position in terms of audience and advertising shares in the Greek TV market and that cash outflows for programming remain relatively stable and closely related to P&L amortization. Antenna’s strategy remains focused on the development of its core Greek TV and programming business and its other Greek media interests, complemented by carefully implemented international diversification steps such as the 2000 acquisition of Bulgarian TV station Nova. During 2004, Antenna’s revenues increased by 17.8 million euros during 2004, or 9.9 percent, to 198.3 million and EBITDA, after programming amortization, increased 9.4 million euros or 45 percent to 30.2 million (2003: euros 20.8 m).