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Fitch upgrades Wind loans, notes
Fitch Ratings said it affirmed Wind Telecomunicazioni SpA's long-term issuer default rating at B+ with a stable outlook and upgraded its senior credit facilities to BB/RR2 from BB-/RR2.
The agency also upgraded Wind Acquisition Finance SA’s senior secured fixed and floating 2020 notes to BB/RR2 from BB-/RR2 and senior unsecured 2021 notes to B/RR5 from B-/RR5.
Fitch said the actions reflect that the proposed merger of Wind and 3 Italia should result in an enlarged entity with a stronger operating profile and lower leverage. Greater scale from a higher mobile market share should improve the company's ability to compete.
A BB- rating for the merged entity is possible over the medium-term as the integration process is completed and leverage falls, the agency explained.
CK Hutchison Holdings Ltd. (A-/stable), parent company of Italian mobile operator 3 Italia, and VimpelCom Ltd. (BB+/stable), parent company of Wind, received regulatory clearance to form a 50/50 joint venture of their telecommunication businesses in Italy on Sept. 1.
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