Central European Media Enterprises (CME, www.investor.cmegroup.com) is facing a potential downgrade in its rating by U.S. agency Standard and Poors, following S&P's reevaluation of the company's position from stable to negative. A ratings downgrade from "B" is also possible. S&P itself has been the subject of criticism in the wake of its misjudgements in grading several U.S. institutions.
The evaluations was linked to S&P's prediction that CME could have problems with debt repayments in 2013 and 2014, incurred following recent investments and expansion. In addition, the weak advertising market is still seen as a liability for the TV company.
CME operates TV channels in Czech Republic, Slovakia, Romania, Bulgaria, and Croatia.
In its recent Q3 report, CME announced a 23% rise in revenues, although it still carries debts of slightly over $100 million.
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