Moody's: VimpelCom unchanged

Moody's Investors Service said VimpelCom Ltd.'s (Ba3/stable) announced plan to refinance part of the debt of its Italian subsidiaries consolidated under Wind Telecom SpA (Wind Italy) has no immediate impact on VimpelCom's rating.

The agency said the anticipated refinancing of part of Wind Italy's debt is a constructive step for VimpelCom's consolidated profile in that over time it should facilitate deleveraging and improve consolidated cash flow generation.

However, assuming that the ring-fenced nature of Wind Italy remains in place, the refinancing is unlikely to have any immediate effect on VimpelCom's rating because new debt will be raised within the ring-fenced perimeter and will not affect VimpelCom Holdings BV's metrics, Moody's said.

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