Moody's credit ratings agency has upgraded Slovak mobile phone operator EuroTel to Ba2 from B1, it reported on Thursday, May 29. Standard & Poor's recently upgraded the company to BB-. Both moves reflect improvements in EuroTel's operational and financial performance since the last rating change in April 2001.

Moody's reaction was based mainly on an extremely strong rise in revenues, EBITDA - earnings before interest, tax, depreciation and amortisation - and the number of new customers over the last two years.

According to Moody's, the Slovak mobile telecoms market still offers EuroTel scope for growth and the company should report improved cash-flow in 2004.

EuroTel's profit including EBITDA represented 1.074 billion (Ű26,195,121) for the first quarter, a rise of 81.3% on the year.

Revenues from telecom services rose by 25% to 2.2 billion crowns.

(NewsBase 02.vi.03)