S&P cuts WIND Hellas, reinstates notes at CCC+

Standard & Poor's said it lowered its long-term corporate credit ratings and corrected and reinstated the issue and recovery ratings of subsidiaries of WIND Hellas Telecommunications SA (CCC+/stable).

The corporate credit rating was lowered to CC from CCC+.

The outlook is negative.

At the same time, S&P said it lowered its issue ratings on the €1.22 billion of floating-rate callable senior secured notes issued by WIND Hellas' wholly owned financial subsidiary Hellas Telecommunications (Luxembourg) V S.C.A. to CC from CCC+, in line with the corporate credit rating. The recovery rating on these notes is now 4, cut from 3.

Earlier on Tuesday, those notes had been reinstated.

On Feb. 16, the issue and recovery ratings on two sets of notes were withdrawn due to an administrative error, the agency added.

S&P said it specifically reinstated the CCC+ issue rating on the €1.22 billion of floaters due Oct. 15, 2012.

It also noted that it reinstated the CCC- issue rating on the €355 million callable senior unsecured notes due Oct. 15, 2013, issued by subsidiary Hellas Telecommunication (Luxembourg) III, and the six recovery rating on these notes.

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