S&P drops WIND Hellas

Standard & Poor's said it lowered its long-term corporate credit rating on WIND Hellas Telecommunications SA and related issuers to SD from CC.

At the same time, the agency said it took the following rating actions on the company's debt

instruments:

• Affirmed its CC issue rating on the €1.125 billion senior secured notes due 2012 issued by WIND Hellas' wholly owned financial subsidiary Hellas Telecommunications (Luxembourg) V. The recovery rating on these notes is unchanged at 3;

• Affirmed its C issue rating on Hellas Telecommunications (Luxembourg) III's €355 million of subordinated notes due 2013. The recovery rating on these notes is unchanged at 6;

• Downgraded on Hellas Telecommunications (Luxembourg) II's €960 million and $275 million subordinated notes due 2015 to D. The 6 recovery rating on these notes remains unchanged; and

• Downgraded Hellas Telecommunications Finance SARL's €200 million payment-in-kind notes to D. The 6 recovery rating on these PIK notes remains unchanged.

"The rating actions chiefly reflect WIND Hellas' failure to pay financial interest on its €960 million and $275 million subordinated floating notes due 2015," said S&P credit analyst Melvyn Cooke.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.