S&P lowers WIND Hellas

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

At the same time, the agency said it affirmed its CC debt ratings on the €1.2 billion of senior secured notes due 2012 issued by WIND Hellas' wholly owned financial subsidiary Hellas Telecommunications (Luxembourg) V SCA.

The recovery rating on the notes is unchanged at 4.

S&P said it also affirmed its C debt ratings on the €355 million of notes issued by Hellas Telecommunications (Luxembourg) III S.C.A. due 2013. The recovery rating on the notes is unchanged at 6.

The downgrade to SD (selective default) mainly reflects the group's agreement with some of its lenders to defer until Nov. 5, under the terms of the standstill agreement, a €17.5 million amortization payment under its revolving credit facility and payments due on July 15, 2010 relating to hedging contracts.

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