Fitch: Wind unaffected

Fitch Ratings said it does not expect Wind Telecomunicazioni SpA's BB/RR2 senior secured facilities, Wind Finance SL SA's BB/RR2 second-lien notes, Wind Acquisition Finance SA's BB/RR2 senior notes or the positive outlook to be affected by the announced acquisition of TIM Hellas (B/stable) by parent company Weather Investments SpA.

Although the acquisition of Tim Hellas will be partly funded by a €500 million equity contribution, which will in turn be funded by debt issued at Weather Investments, Fitch said the Wind Telecomunicazioni debt is adequately ring-fenced away from the Weather debt, which means the further structurally subordinated Weather borrowing will be non-recourse to the Wind restricted group.

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