Standard & Poor's Upgrades CME's Debt Rating

Standard & Poor's Upgrades CME's Debt Rating

- CME's liquidity further improved by increased EBRD loan facility -

HAMILTON, Bermuda, Sept. 10 /PRNewswire-FirstCall/ -- Central European Media Enterprises Ltd. ("CME") (Nasdaq/Prague Stock Exchange: CETV) announced today that Standard & Poor's had upgraded CME's corporate rating from BB- to BB. CME also recently increased its revolving credit facilities with EBRD, ING and Ceska sporitelna to euro 150 million, while at the same time significantly reducing the interest payable on those facilities to EURIBOR plus 1.625% from the previous EURIBOR plus 2.75%.

Michael Garin, CME's Chief Executive Officer, said: "The S&P ratings upgrade is one more indication of our strong financial performance and the strength of our management team. The increase and repricing of facilities by our key lenders and the success of our most recent bond offering reflect the confidence CME has earned among the financial community. We now have over $400 million available in cash and undrawn facilities with market leading margins. Given the current unsettled credit markets, we feel very well positioned to pursue any new opportunity for future expansion that may arise."

CME is a TV broadcasting company operating leading networks in six Central and Eastern European countries with an aggregate population of approximately 90 million people. The Company's television stations are located in Croatia (Nova TV), Czech Republic (TV Nova, Galaxie Sport), Romania (PRO TV, PRO TV International, Acasa, PRO Cinema and Sport.ro), Slovakia (Markiza, Galaxie Sport), Slovenia (POP TV, Kanal A) and Ukraine (Studio 1+1, Studio 1+1 International, Kino, Citi). CME is traded on the NASDAQ and the Prague Stock Exchange under the ticker symbol "CETV".

Forward Looking Statements

This press release contains forward-looking statements, including statements regarding the future performance of our operations and our business strategies and commitments. For these statements and all other forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy or are otherwise beyond our control and some of which might not even be anticipated. Future events and actual results, affecting our strategic plan as well as our financial position, results of operations and cash flows, could differ materially from those described in or contemplated by the forward-looking statements. Important factors that contribute to such risks include, but are not limited to, the general regulatory environments where we operate and application of relevant laws and regulations, the renewals of broadcasting licenses, our ability to implement strategies regarding sales and multi-channel distribution, the rate of development of advertising markets in countries where we operate, our ability to acquire necessary programming and the ability to attract audiences, our ability to obtain additional frequencies and licenses, and general market and economic conditions in these countries as well as in the United States and Western Europe.

First Call Analyst:
FCMN Contact:

Source: Central European Media Enterprises Ltd.

CONTACT: Romana Tomasova, Director of Corporate Communications of
Central European Media Enterprises, +44-(0)-20-7430-5357,
romana.tomasova@cme-net.com

Web site: http://www.cetv-net.com/

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Profile: International Entertainment