S&P lowers Wind outlook to table

Standard & Poor's said it revised its outlook on Wind Telecomunicazioni SpA to stable from positive and affirmed its B+ long-term corporate credit rating on the company.

The agency said it also affirmed its B+ long-term debt rating on Wind's €6.85 billion senior secured credit facility, as well as the facility's recovery rating of 2.

At the same time, the B long-term debt rating on Wind's €700 million second-lien credit facility was affirmed, S&P noted, adding that the outlook revision reflects the reduced probability of an upgrade in the intermediate term, given the increased complexity and additional financial commitments at Wind's controlling parent company and the Weather group following the buyout of Enel SpA's 26.1% stake in Weather Investments SpA.

The agency noted that the transaction will be funded through a massive €1.67 billion payment-in-kind loan maturing in 2011, raised at Wind's indirect parent Wind Acquisition Holdings Finance SpA and a €962 million deferred payment with an 18-month maturity raised at Weather Investments II Sárl.

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