Fitch lowers some WIND debt

Fitch Ratings said it affirmed WIND Telecomunicazioni Spa's long-term issuer default rating at BB-.

The agency also said it downgraded senior unsecured and payment-in-kind instrument ratings on lower expected recoveries due to Wind's shrinking EBITDA generation.

The agency also affirmed its short-term issuer default rating at B, along with WIND Acquisition Finance SA's senior secured credit facilities at 2018 notes at BB, senior secured 2020 notes at BB and senior secured 2019 floating notes at BB.

The ratings downgraded include the senior notes due 2017 issued by WIND Acquisition Finance to B from B+ and the senior payment-in-kind notes issued by WIND Acquisition Holdings Finance SA to B- from B.

The negative outlook reflects further revenue and EBITDA erosion, the agency said, and the likelihood that this negative trend will continue.

The Italian mobile market has experienced significant re-pricing with Wind being at the forefront of tariff competition, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.