S&P lifts broadcaster CME's rating after share float

PRAGUE Tue May 14, 2013 4:41am EDT

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PRAGUE May 14 (Reuters) - Standard & Poor's Ratings Services has raised its long-term corporate credit rating for broadcaster Central European Media Enterprises (CME) to 'B-' from 'CCC+', it said on Tuesday.

The move follows a CME share offering that raised $150 million gross proceeds to help it cut debt. S&P also cited CME's plans to sell $200 million of preferred shares to its largest shareholder, U.S. media group Time Warner, as a reason for its change.