Fitch: Wind unaffected

Fitch Ratings said it does not expect the intended sale by ENEL SpA of its residual 26.1% holding in Weather Investments SpA to affect its ratings for Wind Acquisition Finance SpA or Wind Telecomunicazioni SpA based on the fact that the purchase of the stake by Weather Investments II Sarl and Weather Investments is expected to be funded at the Weather Investments II and Wind Acquisition Holdings Finance SpA levels. The €1.96 billion purchase of the 26.1% stake is expected to be funded through a pay-in-kind loan of Wind Acquisition Holdings Finance and the issuance of a vendor note by Weather Investments II.

Wind Acquisition's B+/RR4 €950 million and $650 million senior notes were placed on Rating Watch positive in November following the announcement by Wind Telecomunicazioni of its intention to prepay a further €462 million of its senior secured debt by the end of the year. Fitch said it continues to anticipate an upgrade of the senior notes to BB/RR2 upon confirmation that the €462 million senior debt has been permanently prepaid.

The outlook on Wind Telecomunicazioni's B+ issuer default rating, B short-term rating BB/RR2 first-priority senior secured facilities and Wind Finance SL SA's BB/RR2 €700 million second-lien notes is positive.

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