S&P cuts WIND Hellas

Standard & Poor's said it lowered the long-term corporate credit ratings on WIND Hellas Telecommunications SA B- from B on the group's weakening liquidity.

The agency lowered the senior secured notes issued by subsidiary Hellas Telecommunications (Luxembourg) V to B-. The recovery rating on the notes is unchanged at 3.

Hellas Telecommunications (Luxembourg) III's subordinated notes and Hellas Telecommunications (Luxembourg) II's subordinated notes were downgraded to CCC. The recovery rating on both issues is unchanged at 6.

The agency lowered Hellas Telecommunications Finance SARL's payment-in-kind notes to CCC.

The outlook is negative.

S&P said the downgrade mainly reflects the group's weakening liquidity and persistently very high leverage, which are no longer commensurate with B ratings.

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