Fitch rates Wind notes BB

Fitch Ratings said it assigned a final BB rating to Wind Acquisition Finance SA's $550 million senior secured fixed notes due 2020 and €150 million senior secured floating notes due 2019.

The final documentation conforms to information already received and the notes are guaranteed by Wind Telecomunicazioni Spa.

The new instruments are structured as senior secured obligations of Wind and rank on par with other senior secured obligations of the company, including its bank debt and 2018 senior secured notes, Fitch said.

Prior to the new issue by Wind Acquisition, Wind pre-paid 2014 and 2015 maturities of its senior secured bank debt. As a result, the company's debt maturity lengthened while the proportions of secured and unsecured debt in its capital structure did not change, the agency said.

The company's leverage is high, estimated at about 5x net debt at the end of 2012, Fitch said.

The agency said it believes the company will be unable to quickly de-lever to below this level.

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