LONDON-Moody’s Investors Service Inc. placed on review for upgrade the Baa3 long-term ratings of both the $200 million senior notes due 2003 and the $800 million senior notes due 2008 issued by TPSA Finance B.V. irrevocably and unconditionally guaranteed by Telekomunikacja Polska S.A.
Moody’s said its review for upgrade reflects the progress TPSA has made to date in preparing for full competition in the liberalizing telecom environment in Poland, and the announcement that the government has shortlisted two bidders-SBC Communications Inc. and France Telecom S.A.-to purchase between 25 percent and 35 percent of TPSA.
Moody’s had signaled that the involvement of a strong strategic partner would be a positive asset for the company.
The review will focus on the timing and full ramifications of the continued privatization of the company, the removal of government support and the operational improvements the company has made and expects to make over the near and longer term, Moody’s said.
