Moody's assigns Wind Acquisition notes B3

Moody's Investors Service said it assigned a provisional B3 rating to the proposed senior notes issuance by Wind Acquisition Finance SA, which will lend to Wind Acquisition Finance SpA, the holding company of Wind Telecomunicazioni SpA.

Concurrently, Moody's said it assigned a provisional B1 corporate family rating to Wind Acquisition Finance SpA and definitive ratings to Wind's €6.85 billion senior secured credit facilities and a B2 rating to its €700 million second-lien facility.

The outlook is stable.

Wind's corporate family rating reflects the competitive nature of the Italian market, the expectation of low growth in overall fixed-line revenues and stable to modest growth expectations for the wireless market given the maturity of the Italian market and the uncertainties associated with converting and/or gaining direct customers given strong competition as well as potential delays in unbundling the local loop, Moody's said.

However, the agency said the rating is supported by Wind's significant and growing market share in the Italian mobile market, where it is the third entrant among four mobile operators, the company's established presence in the Italian fixed-line market, where it operates under the Infostrada brand, and the company's extensive mobile and fixed-line network within Italy and the potentially significant convergence advantages that may result.

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