Fitch gives Wind Acquisition notes B-

Fitch Ratings said it assigned an expected B- rating to the €1.25 billion equivalent senior notes issued by Wind Acquisition Finance SA and guaranteed by Wind Acquisition Finance SpA.

The B+ senior unsecured of Wind Telecomunicazioni SpA was affirmed with a stable outlook. The short-term rating is B, S&P said.

At the same time, Fitch noted it affirmed the expected BB rating assigned to the Wind's €6.85 billion first-priority senior secured facilities and the expected BB- rating of the €700 million second-lien notes.

"The rating assigned to the senior notes implies an expected recovery rate below 20% in a potential distressed restructuring scenario, although higher recoveries are indeed possible," said Stefano Podesta, director in Fitch's leveraged finance group.

"Higher recoveries for senior noteholders would depend on the level of interest that new investors would have at such a time for entering the Italian telecommunications market, buying a distressed player and turning it around."

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