Fitch ups WIND Hellas notes to B+

Fitch Ratings said it upgraded Hellas Telecommunications (Luxembourg) III's €355 million in senior unsecured notes due 2013 to B+/RR3 from B/RR4 after a review of the issuer's recovery ratings.

WIND Hellas Telecommunications SA's issuer default rating was affirmed at B with a stable outlook. Other debt issue ratings are affirmed at senior revolving credit facility B+/RR3, senior secured floating-rate notes due 2012 at B+/RR3 and subordinated floating-rate notes due 2015 at CCC+/RR6.

The recovery ratings review followed the announcement of the company's plans to cancel €50 million of senior secured revolving credit facility debt, permanently reducing the total to €150 million, and reflects an increase in Fitch's expected recoveries for the senior unsecured notes.

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