Fitch Ratings has assigned Poland -based P4 Sp. z.o.o. (operator of mobile telephony network Play) a Long-term Issuer Default Rating (IDR) of 'B+' and National Long-Term Rating of 'BBB-(pol)' with Positive Outlooks. Fitch has also assigned final ratings of 'BB-'/'RR3'/'BBB(pol) to the senior secured notes issued by Play Finance 2 S.A. and 'B-'/'RR6' to the senior notes issued by Play Finance 1 S.A. Fitch notes subscription of the notes resulted in an increase in the overall size of the company's financing activity with around EUR 900mn of proceeds raised. The shareholder dividend/distribution is now expected to be around PLN 1.43bn compared with Fitch's previous expectations of PLN 1.3bn. The increase is not considered material to the ratings. The agency stresses that P4 has proven a nimble and fast-growing challenger in the Polish mobile market, establishing itself as a strong brand, with an easily understood service message and competitive distribution network. Revenues and cash flows demonstrate strong growth, with the company exhibiting improving margins, albeit below market and positive (pre-distribution) free cash flow.
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