Fitch rates Wind notes BB+

Fitch Ratings said it assigned WIND Telecomunicazioni Spa's (BB/negative) proposed €500 million tap issue of senior secured notes due 2018 an expected BB+ rating.

The proposed notes will be issued by Wind Acquisition Finance SA and guaranteed by Wind on a senior basis, according to the agency. The new notes will be issued on the same terms as the existing 2018 senior secured notes issued by WAF and would benefit from the same security package consisting of the first priority interest on Wind shares and certain assets including receivables.

Wind's ratings benefit from potential support from its sole ultimate shareholder, Vimpelcom Ltd., whose credit profile remains notably stronger than Wind's, the agency said.

On a standalone basis, Wind's credit profile corresponds to a BB- level, which is uplifted by one notch for benign shareholder influence, the agency noted.

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